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Macquarie University/The Lighthouse
After a string of scandals in Australia’s banks, Macquarie Business School research shows that a new regime to make banking executives accountable is working – for now, writes Dr Dominic Canestrari-Soh.
In the wake of a series of misconduct scandals in the banking industry including shonky financial advice, mis-selling of financial products and charging fees for no service, the Banking Executive Accountability Regime, or the BEAR as it is more commonly referred to, was introduced in mid-2018.
Buck stops here: Under the BEAR, banks are required to allocate specific responsibilities to senior executives and directors, in order to stop them hiding behind ignorance and group decision-making.