The FMA has set out its priorities for the coming year in its annual corporate plan, with the ongoing conduct and culture review into the financial sector taking the spotlight.
The review was described as a ‘seized opportunity’ following the events of the Australian royal commission, which the FMA says created a ‘burning platform’ and led to in-depth investigations that would otherwise have taken much longer to set into action. The regulator has received banks’ responses to requests for proof that they have no systemic misconduct issues, and says it is now looking to get behind the paperwork and establish the reality of what is happening behind the scenes.
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