Original article by John Kehoe
The Australian Financial Review – Page: 4 : 26-Oct-18
The Australian Prudential Regulation Authority has launched an internal review of its enforcement policies, following criticism from the banking royal commission. One issue that the review will look at is the use of court-imposed sanctions; the royal commission was very critical of APRA’s unwillingness to use this strategy as a tactic against financial institutions. APRA is also working with the Australian Securities & Investments Commission on the delineation of responsibilities between the two bodies, as well as increasing its scrutiny of the remuneration and incentive policies of financial institutions.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY