New findings from a quarterly survey by consumer advocacy group Choice show that nine in 10 Australians want finance executives to pay a penalty when they break the law, while only one in seven respondents said they trusted finance executives to treat their customers fairly.
Previously, the government had considered levying individual fines worth up to $1,050,000 for executives in the Financial Accountability Regime, but the penalties were removed from the draft legislation after intense lobbying from the banks. Now, the government has introduced the Financial Accountability Regime (FAR) – the successor to the Banking Executive and Accountability Regime (BEAR).
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