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Calls for Fines in Australia's Accountability Regime

Calls for Fines in Australia's Accountability Regime

by Starling Insights

Starling Insights Editorial Board

Oct 25, 2022


Australia’s Financial Accountability Regime (FAR) seeks to hold bankers responsible for misconduct that occurs on their watch. Recently, a number of consumer groups, led by the Consumer Action Law Centre, called upon the Australian Senate to reconsider the decision to remove fines for responsible leaders — something the previous government had supported. “There must be meaningful consequences for people who break the law,” they wrote.

With a new government now in place, consumer groups are making a last-ditch effort to include fines in the Regime. They argue that, with individual penalties, the FAR will be far more likely to deter senior bankers from committing misconduct.

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