On 28 October 2021, the Financial Accountability Regime Bill 2021 (Bill) was introduced into the House of Representatives to establish the much anticipated Financial Accountability Regime (FAR or the Regime). If passed, the Bill will expand and replace the current Banking Executive Accountability Regime (BEAR) under the Banking Act 1959 (Cth) and extend BEAR-like accountability … Continue Reading
The month of July 2021 saw the release of various anticipated consultations for the financial services sector. In this wrap-up, we feature: ASIC’s consultation on the Financial Accountability Regime (FAR) draft bill which is set to improve the risk and governance cultures of the banking, insurance and superannuation sectors. Guidance on hawking reforms and the … Continue Reading
