Financial Accountability Regime (FAR) is near here!

Not sure where to start? We can help.

The long-waited Financial Accountability Regime (FAR) Bill was passed by Parliament on September 5 2023. FAR replaces the Banking Executive Accountability Regime (BEAR) and extends to insurance and superannuation industries, aiming to strengthen and uplift individual and entity level accountability across the financial services sector.

The regime will require significant changes across your organisation, and if you are unsure what this means for you or where to start – we can help.

3 actions you can take now:

1- Consider which entities and individuals are captured - are they clear on their obligations?

2- Assess FAR requirements and the impact to your organisation - Do you have buy-in from key stakeholders? Are you ready to implement organisation-wide changes? Are there any gaps in resourcing or capabilities?

3- Start mapping your transition plan -The breadth of FAR is extensive and shifting mindsets and uplifting culture will require consultation and time. Start scoping the time and resources required to implement now.

FAR Kickstarter Packages

Our consultants have designed practical and customisable tools that can be tailored to suit the requirements of your organisation. The solutions combine best practice observed in market and the requirements of the FAR. Additionally our consultants can distil the core requirements of the FAR and present it in a format that can aid internal stakeholder conversations and help visualise the breadth of the regime.

Packages include:

- Infographics of FAR framework mobilisation

- FAR policy starters

- Sample implementation roadmap

- Templated accountability statements

- Maps

Contact us to receive a call back from a Governance consultant