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Gary Cohn

As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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FAR Implementation

FAR Implementation "Devilishly Hard"

by Starling Insights

Starling Insights Editorial Board

Aug 14, 2023

Observations

Senior Managers Regimes Culture for Regulators Personal Liability & Accountability The Era of Accountability Australia Regulatory Trends

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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