Clayton Utz launches e-learning hub for FAR Bill 2023 compliance

Clayton Utz has launched an e-learning hub designed to help organisations navigate compliance requirements under the new Financial Accountability Regime Bill 2023 (FAR).

The Commonwealth Parliament passed the bill on 5 September. According to the firm, the key amendment to the legislation is extending the regulations from banks to all general, life, and private health insurers and superannuation licensees.

The bill is “designed to improve the risk and governance cultures of Australia’s financial institutions,” Clayton Utz said. The financial services entities to whom the bill applies will be subject to four core sets of obligations: accountability obligations, notification obligations, key personnel obligations, and deferred remuneration obligations. Some senior executives will also be subject to accountability obligations.

Clayton Utz’s online resource offers practical learning tools and insights targeted towards lawyers, in-house legal teams, risk and compliance professionals, senior executives, and board members. Commercial litigation partners Ross McInnes and Katie Wood developed the e-learning hub alongside senior associates Gabrielle Scott-Jones and Rhys Williams.

McInnes and Wood said that the resource originated as a concept for client support before evolving into a public educational initiative.

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