Financial Accountability Regime

The Financial Accountability Regime (FAR) imposes a strengthened responsibility and accountability framework for entities in the banking, insurance and superannuation industries, and their directors and senior executives. The FAR is designed to improve the risk and governance cultures of Australia’s financial institutions.

The FAR replaces the Banking Executive Accountability Regime (BEAR), which commenced in 2018, and is jointly administered by ASIC and the Australian Prudential Regulation Authority (APRA).

The FAR commenced for authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) on 15 March 2024.

It will apply to insurance entities, their licensed NOHCs, and superannuation trustees from 15 March 2025. Please see the FAR implementation for insurance and superannuation entities page on the APRA website for the implementation timeframes and the regulator engagement and support available.

Information and guidance

Joint Administration Agreement

The Joint Administration Agreement outlines the principles underpinning ASIC and APRA’s joint administration of the FAR.

Joint Administration Agreement between ASIC and APRA (PDF 276 KB)

Information paper for accountable entities (RG 279)

This information paper helps accountable entities and their accountable persons understand their obligations under the FAR. It also provides an overview on how the Regulators will jointly administer the FAR, including how the Regulators will use their regulatory and enforcement powers.

Financial Accountability Regime: Information for accountable entities (RG 279) (updated 11 July 2024)

Guidance materials for accountable entities

APRA has made the following material available on their website:

Accountability statement guidance and template (updated 11 July 2024), and
APRA Connect reporting forms – instruction guides (updated 11 July 2024)

Further information

APRA has made the following material available on their website:

ASIC’s Collection Notice

ASIC’s Collection Notice outlines how ASIC will collect, use or disclose, and handle personal information for the purposes of administering the FAR jointly with APRA.

ASIC’s Collection Notice - FAR (PDF 173 KB)

ASIC and APRA letters to accountable entities

Joint letter to accountable entities with observations from banking industry’s implementation of the FAR (November 2024) (PDF 250 KB)
Joint letter to accountable entities on Regulator rules and Transitional rules consultation (March 2024) (PDF 661 KB)
Joint letter to insurance and superannuation entities on FAR commencement (March 2024) (PDF 206 KB)
Joint letter to insurance and superannuation entities on key functions consultation (July 2024) (PDF 193 KB)

Single point of contact

Please direct any queries or requests relating to the FAR to the Regulators’ FAR@apra.gov.au mailbox.

ASIC