6.12 — Application of the BEAR to regulators

In a manner agreed with the external oversight body (the establishment of which is the subject of Recommendation 6.14 below) each of APRA and ASIC should internally formulate and apply to its own management accountability principles of the kind established by the BEAR.

Government Response

The Government agrees that APRA and ASIC should be subject to accountability principles consistent with the BEAR.

The Government notes that the Financial Conduct Authority in the UK has adopted a similar regime to enhance its own internal accountability.