At Norton Rose Fulbright, we have commented on a number of occasions that we expect the Banking Executive Accountability Regime (BEAR) to be extended beyond just authorised deposit-taking institutions (ADIs) and so as to cover other areas of the financial services sector. Such move, which we have previously informally nicknamed “FEAR” (Financial Executive Accountability Regime), … Continue Reading
In April 2016, the Australian Bankers’ Association (ABA) initiated the Banking Reform Program – Better Banking (Program).[1] The Program was developed to protect consumer interests, increase transparency and accountability, and to build consumer trust and confidence in banks through a range of initiatives. Edelman Intelligence has conducted two rounds of consumer research studies to track … Continue Reading
A new Banking Code of Practice has been developed and sent to ASIC for approval. The new Code will also be scrutinised by the Royal Commission for the purpose of determining whether or not the industry code is adequate to protect individual consumer and small business rights. The new Code was rewritten following an independent … Continue Reading
