Recommendation 5.6: Changing culture and governance

All financial services entities should, as often as reasonably possible, take proper steps to:

• assess the entity's culture and its governance;
• identify any problems with that culture and governance;
• deal with those problems and determine whether the changes it has made have been effective.

(Australian Banking Association 2019)

Question:Can legislation effectively change or improve the culture in the financial services industry? (Pay particular attention to banks [ADIs]).