SYDNEY, Oct 17 (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 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".
News: NAB Australia's finance regulator says bosses personally accountable for bank behaviour
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Last
$42.84 |
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-0.330(0.76%) |
Mkt cap ! $131.2B | |||
| Open | High | Low | Value | Volume |
| $42.88 | $43.08 | $42.56 | $135.1M | 3.156M |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 26018 | $42.82 |
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| Price($) | Vol. | No. |
|---|---|---|
| $42.87 | 1714 | 2 |
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| NAB (ASX) Chart |