Question

Which of the following is accurate regarding the Banking Executive Accountability Regime?

a) It will mean stiffer penalties for those in senior positions who fail to meet the expected standards
b) It aims to reduce consumer taxes
c) It focuses on promoting risky banking practices
d) It primarily oversees international banking regulations

Answer 1

The Banking Executive Accountability Regime (BEAR) imposes stiffer penalties for senior positions who fail to meet expected standards.

Step-by-step explanation:

The Banking Executive Accountability Regime (BEAR) is a regulatory framework implemented in Australia to improve accountability and transparency in the banking sector. The correct option regarding BEAR is a) It will mean stiffer penalties for those in senior positions who fail to meet the expected standards. BEAR holds senior executives personally accountable for their actions and imposes harsh penalties, including fines and possible imprisonment, for breaches of expected standards. This aims to ensure that executives take their responsibilities seriously and act in the best interests of their customers and shareholders.