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Showing 1 - 10 of 24 results for "Financial Accountability Regime"

Regulators warn of possible issues with FAR reporting

ELIZA BAVIN  |  THURSDAY, 28 NOV 2024
... Court have sent a letter to superannuation trustees reminding them of their obligations under the Financial Accountability Regime (FAR) before it takes effect next year. The FAR commenced for the banking industry on 15 March 2024 and takes effect for ...

Cole puts funds on notice as expenditure data is revealed

ELIZA BAVIN  |  WEDNESDAY, 30 OCT 2024
... of the duty to act in the best financial interests of members," Cole said. "Additionally, the Financial Accountability Regime, which takes effect for superannuation in March, specifically reinforces trustees' accountability for ensuring expenditure ...

APRA prioritises supervision of trustee spending

JAMIE WILLIAMSON  |  TUESDAY, 22 OCT 2024
... Guide 515 Strategic and Business Planning (SPG 515) and the role of accountable persons under the Financial Accountability Regime," APRA said. "Where deficiencies are identified, APRA's supervisory effort will focus on ensuring the necessary improvements ...

ASIC, APRA provide FAR update

ELIZA BAVIN  |  FRIDAY, 12 JUL 2024
... new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry and takes effect for the insurance and superannuation industries from ...

APRA heightens expectations around trustees' spending

JAMIE WILLIAMSON  |  THURSDAY, 4 JUL 2024
... discretionary expenditure." She added that the industry will face further scrutiny on spending when the Financial Accountability Regime comes into effect for super funds in March 2025. "Another important change to SPS 515 is the requirement to support ...

ASIC, APRA issues more FAR guidance

KARREN VERGARA  |  MONDAY, 11 MAR 2024
APRA and ASIC have released more information about the Financial Accountability Regime (FAR) in preparation for the March 15 launch date. The regulators unveiled several key materials for the financial services sector, which were under consultation ...

Risk, compliance staff in hot demand

JAMIE WILLIAMSON  |  WEDNESDAY, 21 FEB 2024
... hot property. According to Kaizen Recruitment director Amanda Chisholm, factors like RG97, the Financial Accountability Regime, regulators' focus on greenwashing and continued scrutiny via Your Future, Your Super are driving demand for risk and compliance ...

Licensees shun remediation obligations: ASIC

KARREN VERGARA  |  TUESDAY, 26 SEP 2023
... regulator warned that the findings of this review are relevant given the recent passing of the Financial Accountability Regime (FAR) Bill 2023. "Under the FAR regime, accountable entities will need to nominate an accountable person responsible for oversight ...

Government passes FAR legislation

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
The Financial Accountability Regime (FAR) passed the upper and lower houses of parliament yesterday, more than four years after it was first introduced. The Financial Accountability Regime Bill 2023 will apply to the banking industry six months after ...

Regulators begin FAR consultation

CHLOE WALKER  |  THURSDAY, 20 JUL 2023
APRA and ASIC have commenced an early consultation on the Financial Accountability Regime (FAR), calling for input from ADIs, insurers and super trustees. Together, the regulators have released key materials for consultation to support the timely implementation ...
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