Clayton Utz has set up a resource hub for financial services firms preparing for the commencement of the Financial Accountability Regime (FAR). 

The law firm says the FAR e-Learning Hub offers insight and learning tools for a broad target audience including lawyers, in-house legal teams, risk and compliance professionals, and senior executives and boards. 

“FAR is a major regulatory reform that changes how many organisations across the financial services sector manage governance and accountability outcomes,” Commercial Litigation Partner Katie Wood said. 

For entities that it applies to, it's important to know how to practically comply with the new obligations. 

“This starts with an understanding of FAR — not just from in-house legal teams, but senior leaders and executives, risk professionals, and even boards. Our e-learning hub aims to bridge the knowledge gap and help organisations through this major reform.” 

FAR will apply first to the banking sector on March 15 next year, followed by the insurance and superannuation industries on March 15 2025, after the legislation received Royal Assent in September. It is the last major Hayne royal commission recommendation to be implemented. 

The regime replaces and extends the Banking Executive Accountability Regime (BEAR) with significantly tougher accountability obligations, and is overseen by the Australian Prudential Regulation Authority and Australian Securities and Investments Commission. 

Unlike BEAR, which applies only to the banking sector and was overseen solely by the prudential regulator, FAR applies to all APRA-regulated entities and introduces conduct-focused prescribed responsibilities on directors and most senior executives. 

Click here for the hub.