At last. The FAR Bill has been passed – where are you at?
The countdown is on. See how the industry is tracking across some of the key activities in implementing the Financial Accountability Regime.
After countless false starts (or as Senator Dean Smith suggests ‘a deeply unnecessary policy merry-go-round’), the Financial Accountability Regime Bill 2023 passed both chambers of Parliament on 5 September 2023, receiving Royal Assent on 14 September 2023. All Authorised Deposit-Taking Institutions now have 6 months to transition, with other APRA Regulated Institutions being granted 18 months to implement.
As with most regulatory changes, institutions want to be seen as being ‘in sync’ with peers, both in progress and approach. Therefore, the purpose of this checkpoint tracker is to provide institutions with an indicator of where others are at across the key activities.
This progress indicator is based on Deloitte’s industry insight across the financial services sector, and our view of the key activities and milestones that organisations should be undertaking to support compliance with the Financial Accountability Regime.
