The Australian banking watchdog on Wednesday promised more 'naming and sham...
SYDNEY - The Australian banking watchdog on Wednesday promised more “naming and shaming” of companies it was acting against and that it would restructure itself by the end of the year after an independent report accused it of being too discreet and slow.
“We will be absolutely doing more to publish names of individual entities where we were taking material action against them,” Byres said. The review, ordered by the government following a misconduct inquiry into the finance sector, accused APRA of being unwilling to challenge itself, slow to respond and tentative in addressing issues outside of traditional financial risks.
“When institutions are consistently able to get a different result by appealing to GM levels and above, line supervisors become demoralized and institutions become emboldened to push the limits,” the report quoted an unnamed staff member as saying.
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