Appendix C: Industry Implementation

Recommendation Relevant stakeholders Timing Recommendation 1.8 – Amending the Banking Code Australian Banking Association (ABA), individual banks The ABA has announced the amended Banking Code, incorporating recommendations 1.8 and 1.13, will be implemented by March 2020. The Government welcomes the Read More …

6.8 — Extending the BEAR

Over time, provisions modelled on the BEAR should be extended to all APRA‑regulated financial services institutions. APRA and ASIC should jointly administer those new provisions. Government Response The Government agrees to extend the BEAR to all APRA regulated entities, including Read More …

6.2 — ASIC’s approach to enforcement

ASIC should adopt an approach to enforcement that: takes, as its starting point, the question of whether a court should determine the consequences of a contravention; recognises that infringement notices should principally be used in respect of administrative failings by Read More …

5.7 — Supervision of culture and governance

In conducting its prudential supervision of APRA‑regulated institutions and in revising its prudential standards and guidance, APRA should: build a supervisory program focused on building culture that will mitigate the risk of misconduct; use a risk‑based approach to its reviews; Read More …