On 5 September 2023, Australia’s Parliament passed the Financial Accountability Regime Bill 2023 (”FAR”), which replaces and expands on the previous Banking Executive Accountability Regime. The FAR applies to insurers, banks, and superannuation providers, and aims to hold key executives accountable for their organisation’s activities and decisions.
The 2024 corporate plans of Australian regulators, ASIC and APRA, cover the scope and implementation of the FAR. Accordingly, companies will need to implement the FAR in their policies and practices to avoid the heavy penalties imposed under FAR. Explore our guide which provides a concise overview of the regime, including its amendments.