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Will you be FAR ready by 15 March 2024?

From 15 March 2024, the long-awaited Financial Accountability Regime Act 2023 will come into effect in Australia, replacing the BEAR. How will you be impacted and what are the insurance implications?
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By Melita Simic , 

Head of Technical Services, Pacific

22/02/2024 · 2 minute read

Update on insurance implications

The long-awaited Financial Accountability Regime Act 2023 (Cth) (FAR Act) is finally here. From 15 March 2024, the FAR Act will come into effect in Australia, replacing the Banking Executive Accountability Regime (BEAR) and apply to all authorised deposit-taking institutions (ADIs). Additionally, the Financial Accountability Regime (Consequential Amendments) Act 2023 (Cth) (FCA Act) will provide various transitional mechanisms for ADIs previously subject to the BEAR.

The new financial accountability regime aims to improve the risk and governance cultures of Australia’s financial institutions through a strengthened responsibility and accountability framework.

Further to our August 2021 whitepaper, we now provide an update on potential insurance implications of the new legislation, including policy amendments you may need to consider in relation to your professional indemnity (PI) and directors and officers (D&O) liability insurances.

Are you FAR ready? How will you be impacted from 15 March 2024? Download our whitepaper to learn more.

Whitepaper

2024 update on FAR and its insurance implications

Download now

Our people

Melita Simic

Melita Simic

Head of Technical Services, Pacific

  • Australia

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Richard Garside

Head of Financial and Professional Services, Pacific

  • Australia

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