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Australia Delays Accountability Regime

Australia Delays Accountability Regime

by Starling Insights

Starling Insights Editorial Board

Feb 21, 2024

Observations

ASIC APRA Australia Regulatory Trends Personal Liability & Accountability The Era of Accountability

The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) issued a letter earlier this month acknowledging that a slowdown in finalizing the rules governing the Financial Accountability Regime (FAR) may delay banks' implementation.

The FAR, which was passed by Parliament in September 2023, extends the previous Banking Executive Accountability Regime (BEAR) to the entire financial sector. However, the specifics of the regime are to be laid out in "ministerial rules," which must be signed off on by the country's Financial Services Minister, Stephen Jones.

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