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 APRA and ASIC.

The FAR will apply to 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 on 15 March 2025. View FAR implementation timeline

Joint Administration Agreement

The Joint Administration Agreement outlines the principles underpinning how APRA and ASIC will jointly administer the FAR.

ASIC’s Collection Notice – FAR

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

Information paper for ADIs (RG 278)

The information paper assists ADIs and their authorised NOHCs transition from the BEAR to the FAR and includes the information they must provide to APRA and ASIC.

Information paper for all industries (RG 279)

This information paper helps accountable entities and their accountable persons understand and comply with their obligations under the FAR.

Guidance material for ADIs

Guidance material for all industries

Regulator rules

The Regulator rules prescribe information for inclusion in the FAR register of accountable persons, including key functions information which is to be provided by ADIs in relation to their accountable persons.

Transitional rules

The Transitional rules prescribe information to be provided by ADIs in relation to their existing accountable persons under the BEAR at the transition point to the FAR.

Reporting form instructions

The reporting form instructions are to assist banking entities in providing the required information to APRA and ASIC when using the single portal for FAR data collection, APRA Connect.

Joint Response Letter to consultation

In July 2023, APRA and ASIC consulted on the draft Regulator rules and Transitional rules. The Joint Response Letter summarises the key issues raised during the consultation and contains APRA and ASIC’s response.

Non-confidential submissions from the consultation are available on APRA’s website.

Commencement and implementation for ADIs

In February 2024, APRA and ASIC jointly released a letter to all ADIs and their authorised NOHCs on commencement and implementation.

Further information on implementation for ADIs is available on APRA’s website.

Consultation and preparation for insurance and superannuation entities

In March 2024, APRA and ASIC jointly released a letter to insurance and superannuation entities introducing a consultation package and outlining steps insurance and superannuation entities should take ahead of FAR commencement on 15 March 2025.

The consultation package is available on APRA’s website.

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Last updated: 25/03/2024 04:58