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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