Submissions on the government’s Banking Executive Accountability Regime (BEAR) close on Friday, September 29, following the release of the draft legislation last week.
Treasurer Scott Morrison said the draft legislation provided further clarity on the accountability obligations of banks, their directors and senior executives, with substantial fines and consequences imposed for being in breach of their obligations when the BEAR is due to apply from July 1, 2018.
“Banks remain at the centre of some of the most critical decisions in life, including buying a first home, starting a business, and saving and investing for retirement. It is therefore important that mechanisms are in place to deter poor behaviour and provide for accountability where standards of behaviour are not met,” he said.
“This is imperative to maintain community confidence that the banking sector will serve the interests of consumers and businesses.”
The Banking Executive Accountability Regime was announced in the 2017-18 Budget and public consultation took place from July 13 to August 3, 2017.
Mr Morrison said submissions had already been received from wide range of respondents including banks, consumer bodies, law firms and industry groups.
All interested parties are encouraged to make a submission before they close on September 29. The draft legislation is available on the Treasury website and submissions can be emailed to firstname.lastname@example.org.