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Joint consumer submission to Treasury on the Financial Accountability Regime

August 2021

view from below of city office buildings

The Australian community expects that finance executives who make decisions that harm customers and break the law are held to account. If designed correctly, the Financial Accountability Regime (FAR) could be a game-changer in reforming corporate culture in Australia.

However, the Financial Accountability Regime Bill 2021 can be stronger, and in this submission CHOICE, alongside Consumer Action Law Centre, Financial Counselling Australia and Super Consumers Australia, argue that this law will be unlikely to hold finance executives to account for their actions, nor will it significantly improve corporate culture in Australia. 

Without amendment, members of the community remain vulnerable to decision-making that trades consumer welfare for excessive profits, and we're likely to see a repeat of the same harmful corporate practices that resulted in the banking royal commission.

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