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The Standard is a bi-monthly publication to snapshot financial services regulatory issues and the opportunity to contribute to policy development and submissions.

The Big Picture: Recent submissions from FINSIA

by Caroline Falshaw | 24 Oct 2017

Recent submissions from FINSIA


Banking Executive Accountability Regime

The ambitious timetable for implementing the BEAR reforms is of continuing concern to FINSIA and its members.

From our UK partner, Chartered Banker Institute, we have learned that the UK Senior Manager Regime has led to significant changes in executive style and that a focus on intensive record keeping has occurred at the expense of proper risk taking.

For more on FINSIA’s submissions, see:

ASIC’s power to ban senior officials in the financial sector

Part six of the ASIC Enforcement Review proposed enhancements to ASIC’s banning powers, acknowledging the significant role that managers who do not themselves provide financial services can have on financial services businesses and consumers. Proposals also seek to address the phenomenon of ‘phoenixing’ — that individuals subject to ASIC's existing banning powers can resurface in managerial or advisory roles in other parts of the industry.

FINSIA contributed a submission to this consultation, with input from Industry Council members. The submission can be accessed on our website.


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