Could ANZ’s trading scandal trigger executive accountability laws?
ASIC declined to say whether its ANZ investigation involved the Financial Accountability Regime. But an ANZ update this week was speaking the language.
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.)
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
