With the first set of reforms due to commence on 15 March 2025, insurers are no doubt gearing up for the implementation of the Financial Accountability Regime (FAR) and Prudential Standard CPS 230 Operational Risk Management (CPS 230). Ahead of this, ASIC and APRA have recently released the FAR Regulator Rules
While the Financial Accountability Regime Bill 2023 (Cth) (Bill)is still before the Senate, APRA and ASIC (Regulators) have already released draft Regulator rules for consultation. The Regulator rules provide some guidance on what APRA considers a key function for the purposes of assigning responsibility to ‘accountable persons’.
If passed by
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
The month of July 2021 saw the release of various anticipated consultations for the financial services sector.
In this wrap-up, we feature: