On 22 January 2020 the Australian Government released its proposal paper for extending the Banking and Executive Accountability Regime (BEAR) in Australia to entities regulated by Australia’s prudential regulator, APRA. The extension, known as the Financial Accountability Regime (FAR) is another step in implementing some of the commitments set out in the Government’s Financial Services Royal Commission Implementation Roadmap released in August 2019 following Australia’s Royal Commission into banking conduct.

Although FAR adopts the central structure of BEAR, there are a handful of key differences which are set out in a helpful table attached to the proposal paper which can be found here: https://treasury.gov.au/sites/default/files/2020-01/c2020-24974.pdf

Feedback on the proposed FAR is to be provided by 14 February 2020. The timeframe for the implementation of the FAR will be the subject of discussion at the consultation on the exposure draft legislation. The Government noted that the regime will extend to all other regulated entities (e.g. those solely regulated by Australia’s conduct regulator, ASIC) in due course.