The Banking Executive Accountability Regime is overseen by which body?

The Banking Executive Accountability Regime (BEAR) is overseen by the Australian Prudential Regulation Authority (APRA). This regime was introduced to enhance the accountability of financial services executives and promote a strong culture of governance within institutions. APRA is responsible for ensuring that banks and other financial institutions adhere to prudential standards, and BEAR specifically emphasizes the need for senior executives and directors to be accountable for their actions and decisions, aligning with the organization’s risk management frameworks.

In this context, APRA's role is to enforce compliance with the regime and ensure that executives are held responsible for the conduct and performance of their institutions. The other organizations mentioned have different roles; for instance, the Australian Securities and Investments Commission (ASIC) primarily focuses on enforcing company and financial services laws to protect consumers, while the Reserve Bank of Australia (RBA) manages monetary policy and financial system stability. Lastly, the Financial Services Council (FSC) represents various financial service providers but does not oversee banking accountability directly. Therefore, APRA’s focus on prudential regulation and accountability makes it the correct answer regarding oversight of the Banking Executive Accountability Regime.