Capability Review: Regulation Authority and Graeme Samuel

capability review: Graeme Samuel, who chaired the capability review into the Australian Prudential Regulation Authority in the wake of the banking royal commission, said there was a culture of secrecy that didn't make much sense . This goes a bit to the culture of the way APRA operated in the past, the ex-head of the national consumer watchdog told a federal parliamentary committee in Canberra on Wednesday, according to Nine News Australia. Banks were ordered to self-assess their operations in terms of their governance and culture in the wake of the royal commission which were then presented to APRA.APRA had decided to keep the findings secret because it felt a bank in distress was best kept under wraps for fear of creating a run on the financial institution. To improve your experience update it here News National Bank watchdog worked in secret inquiry By AAP3 19pm Sep 11, 2019Facebook Tweet Mail As the Morrison government attempts to beef up the powers of one financial regulator, a parliamentary committee has heard another was prepared to work in secret with the banks to gain their co-operation. But Mr Samuel said a fundamental problem was that APRA also operated in this way because it felt this would lead to greater co-operation from an when we sit down with the chairs and the CEOs of the four major banks they almost had a rehearsed line, Mr Samuel said. The committee was underwhelmed by the evidence, it would be fair to say ... consequently, we will recall APRA for further scrutiny later this year, committee chair, Liberal MP Tim Wilson said. Related Articles Scott Morrison's confusion over calling Dastyari 'Shanghai Sam' amid Gladys Liu racism row Nationals make dam sure there's waterPM denies adding race to questions on MPThey told him he had to understand their co-operation with the regulator was dependent upon APRA not being transparent . Mr Samuel paraphrased the banks as telling him If we felt that disclosing things to APRA would lead to a referral to ASIC for potential prosecution, well then we would not be co-operative . He said APRA and its chairman Wayne Byres have now acknowledged that secrecy and a behind closed doors approach may not be appropriate .APRA and Mr Byres recently appeared before the House of Representatives standing committee of economics. (news.financializer.com). As reported in the news.