A new independent watchdog will police the financial regulators who have been directed by the Hayne royal commission to punish misconduct more aggressively by pursuing court action to deter wrongdoing by financiers.
The Bank Executive Accountability Regime (BEAR) should be extended to insurers and superannuation funds regulated by the Australian Prudential Regulation Authority and be jointly administered with the Australian Securities and Investments Commission, the final report recommended.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
