Do the BEAR banking reforms have bite if APRA believes it is not a corporate cop?

Do the BEAR banking reforms have bite if APRA believes it is not a corporate cop?

Updated May 02, 2018 21:40:26 Photo: The new Banking Executive Accountability Regime comes into effect on July 1, but doesn’t get teeth until 2019. (ABC News: Michael Barnett) Corporation, noun: An ingenious device for obtaining profit without individual responsibility. Ambrose Bierce’s definition from “The Devil’s Dictionary” may be more than …

APRA and ASIC have the legal power to sack bank heads, but they need willpower

APRA and ASIC have the legal power to sack bank heads, but they need willpower

Updated May 01, 2018 17:25:02 Photo: Former AMP chief executive Craig Meller and chair Catherine Brenner at the company’s annual general meeting last year. (AAP: David Moir) The chairwoman and boss of AMP have resigned after the company admitted to charging for advice never provided and lying to clients and …

APRA talks tough but feathers the Commonwealth Bank with light touch penalties

APRA talks tough but feathers the Commonwealth Bank with light touch penalties

Updated May 01, 2018 14:44:36 Is there anything here we didn’t already know? Complacency and complexity, arrogant and insular, a culture that allowed bank executives to operate without fear of penalty. Strong words, indeed. For all the searing criticism, the irony of the Australian Prudential Regulatory Authority’s report into the …

CBA forced to put aside $1 billion extra by bank regulator APRA

CBA forced to put aside $1 billion extra by bank regulator APRA

Posted May 01, 2018 08:35:26 The Australian Prudential Regulation Authority has slammed the Commonwealth Bank over events leading to allegations that it broke anti-money laundering and counter terrorism financing laws on almost 54,000 occasions. In its final report into governance, accountability and culture at the CBA, APRA said the bank’s …

Finance sector has ‘large carrots’ and ‘brittle sticks’, encouraging risky behaviour: APRA

Finance sector has ‘large carrots’ and ‘brittle sticks’, encouraging risky behaviour: APRA

Posted April 04, 2018 11:56:48 The banking, insurance and superannuation regulator has reviewed how financial sector executives and staff are paid, and the results are not good. Key points: Wayne Byres: “Not only are rewards generous, but there are seemingly few repercussions for poor outcomes Risk management was given an …

Spotify, Apple Music should boost support for Australian musicians, APRA says

Spotify, Apple Music should boost support for Australian musicians, APRA says

Posted March 27, 2018 07:03:57 The battle to get Australian music in front of you is heating up. Key points: Commercial radio has local content quotas, but streaming giants don’t APRA calling for commitment from platforms on local content Industry more broadly concerned about dominance of foreign music in charts …