ob体育 today welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and acknowledged its important work.
ob体育 will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government鈥檚 response, will inform ob体育鈥檚 priorities and strategic direction moving forward.聽The Royal Commission report identified ob体育鈥檚 enforcement culture as the focus of change needed at ob体育. This focus accords with ob体育鈥檚 change agenda, that has included the adoption of our 鈥榳hy not litigate?' enforcement stance, the initiation of our Internal Enforcement Review and the enhancement of our governance structures.
ob体育 notes the serious matters referred by the Royal Commission of possible breaches of financial services laws.聽Consideration of these matters will be prioritised. ob体育 does not, as a general policy, comment on actual or potential investigations.
ob体育 looks forward to working with the Parliament, the Government, APRA and other regulators to implement the reform agenda to ensure a fair, strong and efficient financial system for all Australians.聽In coming weeks, ob体育 will release an update. This will outline the actions ob体育 has already under way and the further steps it will implement moving forward to continue to strengthen our governance, culture and practices, and realign our enforcement and regulatory priorities.
Background
In its submission to the Royal Commission Interim Report, ob体育 committed to accelerating enforcement activities, conducting more civil and criminal court actions against larger financial institutions and, as a starting point for all enforcement matters, asking the question 鈥渨hy not litigate?鈥�