APRA announced it sought to add an end-to-end product responsibility to the BEAR in accordance with recommendation 1.17 of the royal commission in June, proposing that institutions identify and register an accountable person to hold end-to-end product responsibility for each product that an institution offers to its customers, including retail, business, and institutional customers.
But a key consultation on the matter has been delayed as APRA reviews its proposed approach to product responsibility.
“APRA will be giving careful consideration to the alignment of product responsibility with the timing and content of the government’s proposed extended accountability regime as recommended by the royal commission,” the regulator said in a media release.
“APRA is therefore delaying the product responsibility consultation to allow for this proposal to be timed to align with the implementation of all relevant royal commission recommendations in order to maximise the effectiveness of the proposed BEAR product responsibility and minimise unnecessary cost for institutions.”
APRA will provide a further update on its revised approach to implementing product accountability in the first half of 2020.
