The Government has released for consultation the draft Financial Accountability Regime (Consequential Amendments and Transitional Provisions) Bill 2021 (the Bill).
The Bill follows the consultation on the draft Financial Accountability Regime Bill 2021 and:
- makes consequential amendments to various Commonwealth laws to establish the FAR; and
- provides for transitional arrangements relating to the repeal of the Banking Executive Accountability Regime under the Banking Act 1959.
The Bill supports the Financial Accountability Regime, which constitutes the Government’s implementation of Recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission.