BEAR legislation already subject to Senate review
The Government’s legislation underpinning the Bank Executive Accountability Regime (BEAR) has been referred to the Senate Economics Committee.
The legislation, introduced to the Parliament by the Treasurer, Scott Morrison, yesterday has already been listed for review by the Senate Committee with submissions scheduled to close within less than a fortnight on 1 November.
However, while the Government’s legislation underpinning the proposed Australian Financial Complaints Authority (AFCA) resulted in dissenting views between the Government and Opposition Senators of the Committee, fewer differences are expected with respect to the BEAR.
Introducing the legislation yesterday, Morrison signalled that it was part of the Government’s efforts to obviate the need for the calling of a Royal Commission into the Banking and Financial Services industry.
“The Turnbull Government is taking action now to build an accountable, competitive and stable banking system, introducing legislation today to enact landmark financial services reform,” the Treasurer said in his introductory statement.
“The Government is bringing greater accountability to our banks, introducing tough new rules for banks and their executives that will keep their behaviour and decision making in check,” Morrison said. “Under the BEAR, banks and their senior executives and directors will be expected to conduct their business with honesty and integrity, prudence, care and diligence; deal with APRA in an open, constructive and cooperative way; and prevent matters from arising that would adversely affect the bank's reputation or hurt its customers.”
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