You’ve heard of BEAR. Now it’s FAR.

And the reality is, it’s not far away. 

 

 

While the royal commission may feel like a lifetime ago, the implications are still unfolding. The Financial Accountability Regime will extend the requirements of the Banking Executive Accountability Regime to all APRA-regulated entities. The exact date on FAR is yet to be determined due to COVID-19, so now is the opportune time to ensure your house is in order to be compliant. 

 

If you’re finding it overwhelming, you’re not alone. Download the guide today for a simple, step-by-step guide to get ahead of what you need to do to keep your organisation compliant.

 


 


From BEAR to FAR regimes

BEAR regime

Banking Executive Accountability Regime

Following the royal commission, new rules were put in place in Australia’s financial services industry. The post-Hayne playbook helps you tackle the new rules head on.

FAR regime

Financial Accountability Regime

An addition to BEAR, FAR will extend the accountability and responsibility frameworks to all APRA-regulated entities. What does this mean for you? This toolkit has the answers.

  


What's the industry saying?

 

In 2019, Mercer surveyed 27 organisations across banking, insurance and superannuation to understand how financial services companies are responding to Hayne’s recommendations regarding remuneration and culture. Download the post-Hayne playbook for more detail.

59%

 

59% of organisations indicated remuneration and incentives were one of the main drivers of company culture.

30%

 

Nearly 30% of organisations only review their remuneration systems for front-line colleagues every two years or more. The Hayne final report recommends annual reviews.

63%

 

The future is beginning to look brighter.  As markets recover country by country and economies reignite, Mercer is working to assist clients prepare for a new world and to be ready to rebound for growth.
 

  


Heard whipsers about CPS 511?

 

Announced by APRA in 2019, this prudential standard will impose further regulations on remuneration for financial services organisations, extending beyond the scope of BEAR and FAR. In April 2020 APRA began communicating revised commencement dates for prudential and reporting standards due to COVID-19. While commencement dates were deferred by six to 12 months, we will continue to provide timely information on what it means for you so you can stay ahead of what you’ll need to do.

 


 

Download the FAR guide

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We're Here to Help

We're Here to Help

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