Australia’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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