As I explain in the chapter relating to the regulators, I consider that provisions modelled on the Banking Executive Accountability Regime (BEAR) should be expanded to all APRA-regulated financial services institutions. I also explain in that chapter why I consider it to be appropriate to adopt a sequential approach to the extended application of these provisions. After these provisions have been applied to the balance of the authorised deposit-taking institutions, and to registrable superannuation entity (RSE) licensees, they should be applied to the largest insurers and, thereafter, the balance of insurers.
Recommendation 4.12 – Accountability regime
Over time, provisions modelled on the BEAR should be extended to all APRA-regulated insurers, as referred to in Recommendation 6.8.