Australian prudential regulator will have veto power over executive appointments at the country's bank

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The Australian Prudential Regulator Authority (Apra) will be handed new powers after an independent review found that the regulator was “slow” to address misconduct in the country’s financial sector. The review panel recommended that Apra should have power to veto senior executive and director appointments at the country’s banks. The panel also recommended that Apra should consider creating a new division for the oversight of superannuation funds.

The Financial Times, Primrose Riordan, July 17th 2019