The Financial Services Council (FSC) has called on the Government to consult around the implementation of the proposed Bank Executive Accountability Regime.
The FSC said such consultation was necessary in circumstances where a suite of new regulatory requirements were being proposed that included the capacity for the Australian Prudential Regulation Authority (APRA) to block the hiring of new executive employees and the registration of executives.
However FSC chief executive, Sally Loane said the new consumer protections included in the Budget should end all calls for a Royal Commission. In doing so she said that in light of the significantly increased regulatory oversight of financial institutions, which should not be finalised without further consultation with industry, the FSC was calling for an end to the politicisation of the financial services industry by all political parties.
“The Government has laid out a blueprint for strengthening consumer trust in the financial services industry. The FSC calls on all parties to finalise this unprecedented and stringent package of reforms so that we can bring an end to the politicisation of the financial services industry,” she said. “These changes will have significant ramifications for the industry and we expect to be fully consulted before implementation.”