Gov strengthens whistleblower protections, remedies
Continuing Canberra’s moves against corporate misconduct and crime, Parliament yesterday passed legislation strengthening corporate and tax whistleblower protections for those in the corporate, credit and financial sectors.
Following a comment from the Banking Royal Commission that it’s “fundamentally important” for large companies to have a whistleblower policy to support good corporate governance and culture, this would also be required.
The new laws further created a new protection regime for reporting tax misconduct and they expanded the class of persons protections to include former employees, as well as increasing remedies and sanctions for whistleblowers.
“Our package of reforms will help to put an end to the significant personal and financial loss that can result from blowing the whistle on misconduct,” Federal Assistant Treasurer, Stuart Robert, said on legislation passing yesterday.
“This legislation will help to ensure public trust and confidence in the integrity of the corporate sector and financial system.”
AUTHOR
Hannah Wootton
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.
