On 17 October 2018, the Australian Prudential Regulation
Authority (APRA) released its Information Paper to
assist authorised deposit-taking institutions
(ADIs) in their implementation of the Banking
Executive Accountability Regime (BEAR). In this
update, Partner
Dean Carrigan, considers the "key
takeaways" from APRA's newly released Information Paper
and the impact that the BEAR may have on the insurance
industry.
1. There's a BEAR in where?
The Banking Act 1959 (Cth) has recently been amended to
include the BEAR, which enhances the obligations of ADIs and their
most senior executives and directors and reinforces the standards
of conduct expected of them by the community.
