On 7 October 2022 the AICD provided a submission to the Senate Economics Legislation Committee inquiry into the Financial Accountability Regime Bill 2022 (the Bill).
The AICD supported passage of the Bill in its current form and considered that, on balance, the Financial Accountability Regime will result in accountability and broader governance improvements across APRA entities. Given the proposed reforms have been contemplated for some time, the AICD encouraged swift passage of the Bill to provide certainty to the financial services sector and allow for the expected benefits to commence as quickly as possible.
The AICD also welcomed that there had been no substantive changes to the Bill from version of the legislation that was considered by the previous Parliament in 2021.
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