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 …
Tag: individual
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 …
7.3 An accountability regime
The essential thesis that informs the BEAR is that a sound risk culture coupled with effective corporate governance and the imposition of stronger consequences will improve accountability. Improved accountability ultimately translates to improved performance. APRA has said that the establishment Read More …
Conclusion
Insurance, as a means for spreading risk, brings signficant benefits for both individuals and for communities.[1] But some changes should be made to bring the regulation of insurance into line with that of other financial [1] Background Paper No 14, Read More …
5.1 The structure of group life insurance
Group life insurance involves a policy owner – commonly an employer or superannuation trustee – holding a policy on behalf of a defined group of individuals. Under an employer group scheme, an employee’s life is insured. The employer is the Read More …
Introduction
The superannuation sector of the financial services industry is important, not only to the many individuals who participate in it as members of superannuation funds, but also to the nation. Superannuation is important to individuals because it will affect, even Read More …
6.2 The purpose of industry codes
Industry codes of practice occupy an unusual place in the prescription of generally applicable norms of behaviour. They are offered as a form of ‘self‑regulation’ by which industry participants ‘set standards on how to comply with, and exceed, various aspects Read More …