The government’s new Banking Executive Accountability Regime (BEAR) legislation is a confused mess that is not going to do what it claims to do, which is make bankers accountable for scandals.
Rather than being a terrifying polar or grizzly, it is already an old teddy bear that has had the stuffing knocked out of it.
Earlier this year when announcing the budget, the Treasurer was out in front, leading the mob to the very gates of the big banks, threatening to take bank executives out and (at least figuratively) roast them.
“These measures will mean executives will be more accountable, will be subject to greater scrutiny and there will be increased consequences for when executives and banks do not meet expectations.”
Unfortunately, in reality the legislation is a damp squib.