Banks are bridling today via their good friend the AFR:
The major banks have fired several torpedoes towards the government’s regime to lift standards in the banking sector, warning it will blur regulatory responsibilities, confuse legal obligations and lacks procedural fairness by preventing court appeals.
National Australia Bank’s submission on the Banking Executive Accountability Regime is the most strident, warning expanded powers for the Australian Prudential Regulation Authority could result in its supervision becoming less effective.
