Regulators have urged insurers to note possible gaps in the way banks have handled the introduction of the Financial Accountability Regime. 

The regime, which strengthens accountability for directors and senior executives, will be extended to the insurance and superannuation industries on March 15, a year after taking effect in banking.

The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission last week wrote to all regulated businesses with observations on banking registration and notification lodgements.

“Banking, insurance and superannuation entities are all encouraged to review the observations and areas for further consideration,” the letter says.

The letter highlights possible gaps in the assignment or notification of accountable persons, potential problems with jointly held responsibilities and the need to submit timely information when roles change.

“Where entities fail to comply with their obligations ... the regulators may take further action, including once the [regime] takes effect for the insurance and superannuation industries,” the letter says.