The BEAR: a radical structural shift for insurers?
Executive accountability for financial product design, promotion, delivery and remediation was a major theme in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. It is an issue which insurers will need to grapple with if one of the less publicised, but potentially very significant, recommendations in the Final Report becomes law.
Wotton + Kearney’s Cain Jackson and Samantha Younane look more closely at Commissioner Hayne’s recommendation that the “Banking Executive Accountability Regime” be extended to apply to insurers and the potential implications for insurers including more personal accountability for products across their life cycle.
Originally published for ANZIIF’s Members’ Centre.
This publication is intended to provide commentary and general information. It should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this publication. Persons listed may not be admitted in all states and territories.