12 September 2022

Release of Financial Accountability Regime Minister rules for consultation

The Albanese Government has today released the Financial Accountability Regime Minister rules 2022 (Minister rules) for public consultation.

Last week, the Government introduced the Financial Accountability Regime Bill 2022 to establish the Financial Accountability Regime (FAR). The establishment of the FAR was a recommendation in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Final Report, and introduces new accountabilities for institutions and their senior executives.

The Minister rules would prescribe:

  • particular responsibilities and positions which cause a person to be subject to the FAR for each industry;
  • enhanced notification threshold, which is the total asset size above which an entity is required to comply with additional notification obligations; and
  • how a written record from an examination can be authenticated in a proceeding as prima facie evidence of the statements it records.

All interested stakeholders are encouraged to engage with the consultation process through the Treasury website.

Consultations will close October 7, 2022.