APRA suggests naming shamed bankers

by Miklos Bolza21 Nov 2017
A new “disqualification register” has been proposed which would name and shame bankers who have failed to live up to prudential standards.

The register was suggested by the Australian Prudential Regulation Authority (APRA) in a submission to the Senate Standing Committee on Economics in relation to the Banking Executive Accountability Regime (BEAR).

“The proposed legislation establishes a set of expectations for ADIs and accountable persons including acting with honesty and integrity, due skill, care and diligence, and dealing with APRA in an open, constructive and co-operative way,” the regulator wrote.

Those failing to meet these expectations would be disqualified from holding a “role with significant influence” while being disclosed on the disqualification register.

“In exercising the disqualification power, APRA’s actions will be governed by the legislation and will be supplemented by internal requirements for investigating and substantiating any such decision.”

Those affected will be notified in writing before the disqualification decision is made and can make their own personal submission to APRA.

“An individual is also able to request that APRA review its decision and APRA must consider those submissions (and, as a matter of practice, would do so with a new decision-maker).”

Those dissatisfied with any APRA decision will be able to seek a review by the Administrative Appeals Tribunal.

With regards to civil penalties, APRA can apply to the Federal Court to impose a penalty on any ADI breaking its prudential lending requirements.

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COMMENTS

  • by Gary 21/11/2017 9:28:16 AM

    This should be a must.
    APRA is happy to advertise full details of shonky brokers, name and shame, - but so far protect the dodgy Bank staff.
    Get serious APRA, if its good enough to prosecute Brokers, then name and shame the Bankers who, if you dont , may find their way into Broking. We dont want or need that type

  • by Country Broker 22/11/2017 9:37:54 AM

    Given that there were 25 Managers sacked by the NAB in the last month, and the behaviour of some lenders and senior executives , this should not be a proposal but a MUST , You can go the ASIC site and check on brokers why not bankers , also may save plenty of heartache for any Broker or aggregator looking to recruit industry experience , especially some one who has moved interstate. ASIC need to have the same register.