Financial Accountability Regime Bill 2021
Submission Date: 17 December 2021
The Law Council of Australia provided a submission in relation to the Financial Accountability Regime Bill 2021 (Bill) released for comment by the Senate Economics Legislation Committee on 3 December 2021 which proposes to impose a financial accountability regime (FAR) on certain financial entities.
References to sections in this submission are to proposed sections of the Bill unless otherwise indicated.
Overview
In summary:
- the Law Council’s primary submission is that the Banking Executive Accountability Regime set out in Part IIA of the Banking Act 1959 (Cth) should be extended in its existing form to the other types of entities which are regulated by the Australian Prudential Regulation Authority rather than replaced with the FAR; and
- if that primary submission is not accepted, the next best alternative would be to remove aspects of the proposals which would add cost and divert effort from growth and job creation without a proportionate regulatory benefit. Aspects of the Bill requiring further revision in this regard are detailed below.
Last Updated on 22/04/2026
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