Former APRA and ACCC heads to probe CBA
Former Australian Prudential Regulation Authority (APRA) chair John Laker together with the former Australian Competition and Consumer Commission (ACCC) chair, Graeme Samuel and company director, Jillian Broadbent will make up the special panel to undertake the prudential inquiry into the Commonwealth Bank (CBA).
The panel members were named by APRA chair, Wayne Byres today.
He said, as previously announced, the goal of the inquiry was to identify any shortcomings in the governance, culture and accountability frameworks and practices within CBA, and make recommendations as to how they are promptly and adequately addressed.
The announcement said the inquiry panel would be provided with support by APRA, and could obtain other external expertise and advice as it saw fit.
The panel will provide a final report to APRA by 30 April 2018, with a progress report due on 31 January 2018 with APRA stating it intended to make the reports public.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
