Australia’s finance regulator says bosses personally accountable for bank behavior

Australia’s finance regulator says bosses personally accountable for bank behavior

Australia's finance regulator says bosses personally accountable for bank behaviorAustralia’s finance regulator says bosses personally accountable for bank behavior

SYDNEY (Reuters) – Australia’s financial regulator said on Wednesday top banking executives will be held to a higher standard of personal accountability under new rules introduced, as the scandal-hit sector comes under intense scrutiny.

Australia’s biggest banks are in damage-control mode after a powerful inquiry, called a Royal Commission, uncovered a culture of greed and widespread misconduct in the industry.

The Australian Prudential (LON:) Regulation Authority said in a statement that tougher rules, which began in July and govern executive pay structures and lines of responsibility present “an opportunity for a major strengthening of accountability”.

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Source : Reuters Link

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