Does your bank have a poor culture?

Financial regulators, APRA and ASIC have vowed to take a hard line against poor culture in financial services and weed out “pervasive conduct problems”.

ASIC chairman Greg Medcraft said good culture and good conduct led to good outcomes for investors and consumers.

APRA boss Wayne Byres said he has told bank boards to report on the culture within their organisations and “the extent to which incentives might be operating to encourage imprudent behaviour.”

Source: Mortgage Business

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