Fees-for-no-service is systemic in super industry, royal commission told – live

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The regulator comes under more questioning for failure to curb lax lending and misconduct. Follow all the developments and live updates from Melbourne

Byres says Apra had to work incredibly hard to prepare for the introduction of the BEAR regime, because the policy had a tight turn around time.

That’s why Apra hasn’t released a paper explaining how it will enforce the regime yet. It’s a matter of resources.

Byres says the Banking Executive Accountability Regime (BEAR), introduced by the Turnbull government, which came into effect on July 1 this year, will help to drive change.

Regarding the warning from the G30 report - that Australia’s banking industry is only starting its long journey of cultural repair - Byres says the BEAR regime will assist that journey.

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