Banks have forced the Albanese government to put off the vote on a bill to lift accountability in financial services, with Labor now rethinking a last-minute deal with the Greens that would have added million-dollar fines for law-breaking financial service executives.
The banks, led by former Queensland Labor premier Anna Bligh, warned the move to put individual fines back into the Financial Accountability Regime (FAR) would have unintended consequences for lenders.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
