Morrison cites planners on fairness of BEAR


Bank executives caught up in the Government’s Bank Executive Accountability Regime (BEAR) are simply being treated the same way as financial planners, according to the Federal Treasurer, Scott Morrison.
Morrison has used national radio to claim that the arrangements imposed on bank executives under the BEAR are no more arduous than those already imposed on financial planners.
“… if you are a financial planner you have to be licenced. You face accountability when things go wrong. You can be deregistered; you can no longer work in your industry. But [for] senior banking executives, no current regime exists for that,” he said.
“You have to be accountable to your customers too if you are a financial planner but there are regulations that would bar people from industries where they do the wrong thing and misbehave in many other parts of our economy. But they don’t apply to senior bank executives. So we are changing that.”
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.