Earlier this month, the Australian Parliament passed the Financial Accountability Regime Bill 2023 (FAR), which will replace the existing Banking Executive Accountability Regime (BEAR).
The FAR 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. As with other individual accountability regimes globally, under the FAR, institutions will be required to formalize and document the distinct responsibilities allocated to specific senior officials, referred to as "accountable persons."
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