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ARTICLE · 13 AUGUST 2021

Federal Government releases its draft Financial Accountability Regime (FAR)

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The draft FAR aims to strengthen executive accountability laws and extend their reach to all APRA-regulated entities.

AustraliaFinance and Banking
Brendon Clarke
Brendon Clarke
Abigail Gill
Abigail Gill
James Lucek-Rowley
James Lucek-Rowley
Henry Hall
Henry Hall
Alice Maxwell
Alice Maxwell
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The Federal Government recently released an 'exposure draft' of the proposed Financial Accountability Regime (FAR) which aims to strengthen executive accountability laws and extend their reach to all APRA-regulated entities (including insurers and RSE licensees).

The release comes after consultation on the Government's proposal paper in early 2020 and, if legislated, FAR will supersede the standards of conduct established by the Banking Executive Accountability Regime (BEAR).

While the nature of the changes are well-documented, the exposure draft reveals some departures from the proposal paper, important adjustments to existing obligations under the BEAR and some hints on the way in which the Government wants ASIC to join with APRA in policing compliance.

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