Approved providers of residential aged care are required to comply with prudential responsibilities that are set out in the Aged Care Act 1997 and the Fees and Payments Principles 2014 (No.2).
This fact sheet provides an overview of the 4 Prudential Standards:
- Liquidity Standard
- Records Standard
- Governance Standard
- Disclosure Standard
The Commission seeks to ensure that all approved providers that hold refundable accommodation payments are meeting the regulatory requirements of the 4 Prudential Standards.