By Peter O'Donahoo , Jaime McKenzie, Clare Bradin and Ingrid Weinberg.
We have seen in recent years an increasing level of activity in the Australian regulatory landscape. The current Banking Royal Commission is just one example of many dominating boardrooms and newsfeeds. Regulators are taking action more often, are seeking higher penalties and are seeking to expand the scope of their supervisory and enforcement powers. In addition to penalties that hurt the bottom line, regulators are increasingly focusing on early intervention and organisational culture, putting compliance and risk functions under the spotlight.
This article first appeared in Lexis Nexis' Australian Product Liability Reporter (APLR) Vol 28.4. The Bill increasing penalties referred to in this article has since been passed and is awaiting Royal Assent.