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 …

Recommendations – Culture, Governance and Remuneration

Recommendation 5.1 — Supervision of remuneration — principles, standards and guidance Recommendation 5.2 — Supervision of remuneration — aims Recommendation 5.3 — Revised prudential standards and guidance Recommendation 5.4 — Remuneration of front line staff Recommendation 5.5 — The Sedgwick Read More …

Culture, governance and remuneration

Because primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who manage and control them, effective leadership, good governance and appropriate culture within the entities are fundamentally important. And culture, governance and remuneration Read More …

Governance

Recommendation 6.11 – Formalising meeting procedure The ASIC Act should be amended to include provisions substantially similar to those set out in sections 27–32 of the APRA Act – dealing with the times and places of Commissioner meetings, the quorum Read More …

Culture and governance

Recommendation 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; Read More …

7.1 Background

Allianz Australia Insurance Ltd (Allianz) issues general insurance products, including travel insurance products. [1] The Commission heard evidence about misleading and deceptive content that appeared on the travel insurance pages of Allianz’s website between 2012 and 2018, as well as Read More …

8.2 Additional oversight required

Each body with an oversight role in respect of APRA or ASIC serves an important, but limited, function. The current framework is heavily focused on governance and financial accountability.[1] None of the existing processes requires regular and systematic review of Read More …