Recommendation 3.9 – Extending the Banking Executive Accountability Regime (BEAR) to RSE licensees Recommendation 4.12 – Extending the BEAR to APRA‑regulated insurers Recommendation 6.6 – Joint administration of the BEAR Recommendation 6.7 – Statutory amendments to facilitate co‑regulation Recommendation 6.8 Read More …
Tag: executive
Implementation Steering Committee
A Financial Services Reform Implementation Steering Committee (ISC) has also been established, consisting of senior executives of the Treasury, ASIC, APRA and OPC, with participation from other agencies as required. The ISC’s role is to ensure that reforms and regulator Read More …
Enhancing accountability
It is the responsibility, first and foremost, of entities, their boards and senior executives to comply with the law, meet community standards and expectations, and treat their customers fairly. Nevertheless the regulatory framework must make it clear that where entities Read More …
7.1 Independent non executive directors?
7.1.1ASIC ASIC is a body corporate.[1] Its membership comprises at least three and not more than eight members.[2] At least three members must be appointed as full-time members.[3] A Chairperson must be appointed.[4] Up to two Deputy Chairpersons may be Read More …
1.2 Executive remuneration
Regulatory and other bodies considering the links between remuneration practices and misconduct have given particular attention to the remuneration of executives because it is the board and senior management of financial services entities who are responsible for, and have the Read More …
3.6 Governance, regulation and supervision
As I have explained earlier in this chapter, I consider that there should be an adjustment of the roles APRA and ASIC have in relation to superannuation. And, as I have said, the role of each agency should accord with Read More …
1.2 Primary responsibility
There can be no doubt that the primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who managed and controlled those entities: their boards and senior management. Nothing that is said in this Read More …