APRA Announces the Withdrawal of Volt’s ADI Licence

The Australian Prudential Regulation Authority (APRA), the prudential regulator of the financial services industry, today announced the cancellation of Volt Bank Limited's (Volt) authorised deposit-taking institution (ADI) licence under the Banking Act 1959.

The determination follows Volt completed the process of returning deposits to its customers. The return of deposits began on 29 June when Volt announced its decision to cease being a bank and hand back its ADI licence to APRA.

As Fazzaco reported earlier, APRA has canceled Citigroup Pty Limited's (CPL's) ADI licence​, following the acquisition of CPL's consumer banking business by National Australia Bank Limited (NAB) in June 2022, the subsequent transfer of CPL's banking assets and liabilities to NAB and CPL's request for the revocation.

APRA oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.