According to law firm Clyde & Co, Australia's new Financial Accountability Regime (FAR) is "easy to understand in theory but difficult to implement." The FAR expands upon the previous Banking Executive Accountability Regime (BEAR) and applies to insurers, banks, and superannuation funds.
The incoming FAR requires regulated entities to identify directors and senior executives, outline their responsibilities in "accountability statements," and comply with broader obligations related to integrity, skill, and cooperation with regulatory bodies. "If they don't, they can be personally liable, as can the organisation," Clyde & Co says.
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