In ANZ’s market update on Thursday, chief executive Shayne Elliott, embroiled in a devastating bond trading scandal, appeared to be speaking the language of the Financial Accountability Regime.

The law, which is co-administered by the corporate and prudential regulators, was designed to create clarity and transparency on individual accountability for senior managers when things go wrong in the banks. (It was extended to the insurance and superannuation sectors after the Hayne royal commission.)