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Status: Pending

Proposed approach to product responsibility under the Banking Executive Accountability Regime

This page contains APRA’s consultation on the proposed approach to product responsibility under the Banking Executive Accountability Regime (BEAR).

December 2019

On 13 December 2019, APRA released a letter outlining the revised timing of the implementation of product responsibility requirements under the BEAR.

APRA has advised authorised deposit-taking institutions that it will delay finalising the consultation until the first half of next year in order to align the product responsibility proposal with the Government’s proposed extension of the accountability regime.

The letter to industry is available below: 

Update on the Banking Executive Accountability Regime (BEAR) – Product responsibility

June 2019

On 28 June 2019, APRA released a consultation letter outlining its proposed approach to implementing end-to-end product accountability under the BEAR. APRA’s proposal aims to enhance customer experience and outcomes by addressing recommendation 1.17 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

This consultation closes on 23 August 2019.

See information relating this consultation below:

Consultation letter

Sent 28 June 2019

Other consultations on BEAR

Note on submissions

It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.