Australian financial regulators — the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) — recently issued a consultative draft of the Financial Accountability Regime (FAR) to enhance responsibility and accountability within the financial services industry. In keeping with global trends, an emphasis on individual accountability is clear.
Jointly administered by APRA and ASIC, the FAR will replace the existing Banking Executive Accountability Regime (BEAR). The new Regime will apply to banks, insurance companies, superannuation trustees, and non-operating holding companies. It aims to strengthen risk and governance cultures in these institutions by imposing a framework of accountability on their directors and senior executives.
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