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Financial planning

CHOICE ‘shocked’ by civil penalty exclusion for execs

Senior executives should face civil penalties of up to $1 million if they breach the Financial Accountability Regime, according to consumer advocacy group CHOICE....

Features

Fact Check: BetaShares Australian Equities Bear Hedge

Laura Dew writes the BetaShares Australian Equities Bear Hedge fund is one of the few Australian equity funds outperforming the market in these turbulent times....

Policy & Regulation

Would you work for a super fund if your salary was at penalty risk?

Attracting talent to superannuation funds could become problematic under the Government’s move to extend the Bank Executive Accountability Regime to the superannuation in...

Policy & Regulation

Government outlines extension of BEAR to super funds

Superannuation fund executives and trustees will find themselves the subject to the equivalent of the Bank Executive Accountability Regime under proposals outlined by the...

Financial planning

APRA launches Westpac investigation

The authority has increased the bank’s capital requirement to $1 billion and will focus on directors and senior managers that breached the Banking Act in relation to the ...

Policy & Regulation

APRA urged to be more forceful

A critical Government-commissioned review of the Australian Prudential Regulation Authority appears likely to see it adopting a more overtly forceful approach based on st...

People & Products

Mercer appoints senior client manager

Mercer has appointed senior executive Paul Giles to the role of senior client manager, responsible for large industry and public sector clients....

Policy & Regulation

APRA signals stronger action on BEAR

The Australian Prudential Regulation Authority chairman, Wayne Byers, has signalled a stronger approach on the Bank Executive Accountability Regime, including post-vestin...

Policy & Regulation

ASIC and APRA already Budget winners

The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority have already been identified as major funding winners from next mo...

Policy & Regulation

Should ASIC executives be subject to the BEAR?

Australian Securities and Investments Commission chairman, James Shipton has signalled his intention to subject his own executives to the same terms and conditions as the...

Policy & Regulation

When bank executives escape punitive pay cuts

The Australian Prudential Regulation Authority has pointed to multiple instances where lower level bank employees have suffered pay cuts related to failures, but their ex...

Policy & Regulation

BEAR’s teeth owed to deferred banker remuneration

The Australian Prudential Regulation Authority has admitted the effectiveness of the Bank Executive Accountability Regime is owed in large part to the amount of deferred ...

Policy & Regulation

Morrison expects full imposition of BEAR

The Federal Treasurer, Scott Morrison has warned the major banks against using board seats as a retirement sinecure, pointing to the Government’s willingness to fully exe...

Financial planning

Turnbull admits Royal Commission misjudgement

The Prime Minister, Malcolm Turnbull has admitted to making a political mistake in not acting sooner to call the Royal Commission into Misconduct in the Banking, Superann...

Policy & Regulation

Govt focuses BEAR on big banks

The Federal Government has focused its Bank Executive Accountability Regime on the four big banks, giving smaller institutions an extra year plus more flexibility....