Media release: Clayton Utz launches accessible e-learning hub for organisations to navigate new financial services regulations

16 Nov 2023

Clayton Utz has launched an e-learning hub designed to support entities in the banking, insurance and superannuation industries in navigating the new Financial Accountability Regime Bill 2023 (FAR). The resource is available to the public and offers insight and practical learning tools for a broad target audience including lawyers, in-house legal teams, risk and compliance professionals, and senior executives and Boards.

Clayton Utz commercial litigation partners Ross McInnes and Katie Wood, as well as senior associates Gabrielle Scott-Jones and Rhys Williams, developed the e-learning hub to support organisations through the shift to FAR.

FAR was passed by the Commonwealth Parliament on 5 September 2023, and is designed to improve the risk and governance cultures of Australia’s financial institutions. The key change is extending the regulations from banks to all general, life and private health insurers and superannuation licensees. Placing four core sets of obligations on the financial services entities it applies to (Accountability Obligations, Notification Obligations, Key Personnel Obligations, Deferred Remuneration Obligations), as well as Accountability Obligations on some senior executives, FAR is vital to understand.

Given the Bill's changes and the recent shift in the regulatory and compliance landscape, the hub serves as an important tool to help businesses and financial institutions steer clear of potential risks and ensure they remain compliant to their obligations.

Speaking about FAR, Katie Wood says:

FAR is a major regulatory reform that changes how many organisations across the financial services sector manage governance and accountability outcomes. 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.

For access to the e-learning hub, please click here.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.