Confidential correspondence shows the regulator told executives almost two years ago that it was “not yet apparent” who would deliver a risk overhaul.
Already a subscriber?The prudential regulator repeatedly warned ANZ executives that they had not addressed major cultural issues and had no clear plan for managing risks – failures which ultimately led it to force the bank to set aside hundreds of millions of dollars as a financial safety net this year.
Over time, however, ANZ’s rivals have been allowed to reduce how much money they are holding. In contrast, ANZ was hit with an extra $250 million penalty last month after APRA said it had not seen improvements and that recent issues within the bank’s markets division had “increased those concerns”. “Cultural change requires a much stronger focus,” Ms Bragg said. “Overall, APRA considers that the plan sets out a ‘plan to build a plan’.”
Mr Elliott said in July that ANZ chairman Paul O’Sullivan “is leading a process to ensure consequences will be applied to senior executives, both past and present, including myself, where appropriate”.
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