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 …
Tag: entity
Enhancing accountability
Restoring trust in our financial system will require lasting change in the culture, governance and remuneration practices of financial firms. Boards and executives in these firms will need to drive this change — and the Government is committed to holding Read More …
7.4 — Fundamental norms
As far as possible, legislation governing financial services entities should identify expressly what fundamental norms of behaviour are being pursued when particular and detailed rules are made about a particular subject matter. Government Response The Government agrees to simplify 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 …
6.7 — Statutory amendments
The obligations in sections 37C and 37CA of the Banking Act should be amended to make clear that an ADI and accountable person must deal with APRA and ASIC (as the case may be) in an open, constructive and co‑operative Read More …
6.6 — Joint administration of the BEAR
ASIC and APRA should jointly administer the BEAR. ASIC should be charged with overseeing those parts of Divisions 1, 2 and 3 of Part IIAA of the Banking Act that concern consumer protection and market conduct matters. APRA should be 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 …
5.6 — Changing culture and governance
All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; and determine whether the changes it has Read More …
5.4 — Remuneration of front line staff
All financial services entities should review at least once each year the design and implementation of their remuneration systems for front line staff to ensure that the design and implementation of those systems focus on not only what staff do, Read More …