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Showing 1 - 10 of 46 results for %22Banking Executive Accountability Regime%22

ASIC, APRA issues more FAR guidance

KARREN VERGARA  |  MONDAY, 11 MAR 2024
... institutions (ADIs) for information relating to their existing accountable persons under the Banking Executive Accountability Regime (BEAR) at the transition point to the FAR. The package of materials also asks ADIs for descriptions of key functions ...

Risk, compliance staff in hot demand

JAMIE WILLIAMSON  |  WEDNESDAY, 21 FEB 2024
... said, their skills are likely less desirable to employers as they've "functioned as a small cog in a much more complex banking risk and compliance system." Those who have been employed as contractors for remediation programs that have come to an ...

Government passes FAR legislation

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
... integrity," assistant treasurer Stephen Jones said. "The FAR replaces and extends the Banking Executive Accountability Regime by imposing tough new accountability obligations on banks, insurers, and superannuation funds. The FAR ensures that these institutions ...

Regulators begin FAR consultation

CHLOE WALKER  |  THURSDAY, 20 JUL 2023
... services industry. As previously reported by Financial Standard, the FAR will replace the Banking Executive Accountability Regime (BEAR) and it is designed to improve the risk and governance cultures of all APRA-regulated entities by imposing a strengthened ...

Government introduces FAR, CSLR Bills

ANDREW MCKEAN  |  WEDNESDAY, 8 MAR 2023
... Financial Accountability Regime (FAR) Bill 2023 aims to promote accountability and responsible behaviour among entities in the banking, insurance, and superannuation industries, as well as their directors and most senior executives. By introducing a ...

CSLR legislation tabled, advice sector responds

ANDREW MCKEAN  |  FRIDAY, 9 SEP 2022
... government has also finalised the legislation to implement recommendations to extend the Banking Executive Accountability Regime to all APRA-regulated entities and to provide for joint administration between APRA and ASIC. "The new Financial Accountability ...

Final Royal Commission reforms to be tabled, YFYS review begins

JAMIE WILLIAMSON  |  WEDNESDAY, 7 SEP 2022
... to fail." "We're a long way from replicating in the superannuation industry the sort of concentration we see in the banking sector, a long way. As far as funds being too big to fail goes, I think if we get to that point then we've really failed ...

Major legislations hit parliament

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
... Financial Accountability Regime was also tabled in parliament yesterday. FAR extends the Banking Executive Accountability Regime to all APRA-regulated entities, which will be jointly administered by APRA and ASIC. The FAR increases accountability across ...

FAR draft legislation released

KANIKA SOOD  |  MONDAY, 19 JUL 2021
... Regime (FAR) which will apply to superannuation funds and insurers. The FAR extends the Banking Executive Accountability Regime (BEAR) which has applied to banks since July 2018. In February 2019, the Hayne Royal Commission recommended extending BEAR ...

APRA closes Westpac probe

ELIZA BAVIN  |  FRIDAY, 12 MAR 2021
... closed its investigation into possible breaches of the Banking Act 1959, including the Banking Executive Accountability Regime (BEAR), by Westpac. APRA launched the investigation into Westpac last year following allegations by AUSTRAC that Westpac had ...
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