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Financial Accountability Regime – a comprehensive guide

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By Ewan Taylor | April 28, 2020

Willis Towers Watson’s thought leaders will keep you up to date on how the proposed Financial Accountability Regime (FAR) may impact your organisation.

While APRA has signalled that public consultation for all new regulation has been suspended until at least 30 September this year, there are some key issues impacted organisations – essentially any APRA-regulated entity – can examine to prepare themselves for FAR.

Planned new legislation is on hold, offering organisations the opportunity to maintain business operations during these unprecedented times, however “on hold” does not mean off the agenda. Keeping informed about ways in which your organisation may need to comply is an important tool in ensuring readiness when the regulators move forward.

We’ll regularly update this page on FAR-related insights across Willis Towers Watson’s comprehensive network, looking at a range of topics and issues.

Getting remuneration right requires the right process

FAR, along with the proposed CPS 511 prudential standard, would give financial services regulators unprecedented powers and impact the independence and autonomy of boards to do what they believe is best for their organisations. In this article, Ewan Taylor says a comprehensive and properly coordinated regulatory framework for remuneration, based on sound governance principles, would work better. Read more

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Director, Executive Compensation, Australia

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