Australia’s proposed Banking Executive Accountability Regime: regulatory panopticon or fail-safe?

When looking at banking regulation, disclosure, or standard form contracts, it is clear the self-regulatory system in Australia has failed. Under the BEAR proposed regime, Australia's bank executives would be required to take responsibility for their corporate culture. It is difficult to determine if the proposed BEAR would curb conduct risk of banks and bank executives as it is still too early to point to evidence from other jurisdictions.