5.7 — Supervision of culture and governance

In conducting its prudential supervision of APRA‑regulated institutions and in revising its prudential standards and guidance, APRA should: build a supervisory program focused on building culture that will mitigate the risk of misconduct; use a risk‑based approach to its reviews; Read More …

Recommendations – Culture, Governance and Remuneration

Recommendation 5.1 — Supervision of remuneration — principles, standards and guidance Recommendation 5.2 — Supervision of remuneration — aims Recommendation 5.3 — Revised prudential standards and guidance Recommendation 5.4 — Remuneration of front line staff Recommendation 5.5 — The Sedgwick Read More …

Culture, governance and remuneration

Because primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who manage and control them, effective leadership, good governance and appropriate culture within the entities are fundamentally important. And culture, governance and remuneration Read More …

Culture and governance

Recommendation 5.6 – Changing culture and governance All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; Read More …

7.1 Background

Allianz Australia Insurance Ltd (Allianz) issues general insurance products, including travel insurance products. [1] The Commission heard evidence about misleading and deceptive content that appeared on the travel insurance pages of Allianz’s website between 2012 and 2018, as well as Read More …

7 Governance of the regulators

The Terms of Reference set out in the Letters Patent establishing the Commission require me to inquire into and report on ‘the effectiveness and ability of regulators of financial services entities to identify and address misconduct by those entities’.[1] Consideration Read More …