Financial Accountability Regime (FAR)

On 4 February 2019 the Government announced it would implement recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission to extend the Banking Executive Accountability Regime (BEAR) to all APRA regulated entities and provide joint administration to ASIC as the conduct regulator. This paper outlines the Government’s proposed model and seeks targeted feedback from stakeholders.