The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have released the final rules and further guidance for the Financial Accountability Regime (FAR).

The FAR, set to replace Banking Executive Accountability Regime (BEAR), establishes a stronger framework of responsibility and accountability for individuals in leadership positions within APRA-regulated entities in the banking, insurance, and superannuation sectors.

Key elements of the recent release include detailed rules for the FAR register, transitional arrangements from BEAR, descriptions of ADI key functions to aid banking entities, and form instructions for reporting necessary information to ASIC and APRA. The FAR takes effect for banks on 15 March 2024 and will extend to insurance and superannuation sectors on 15 March 2025, with ongoing consultations to refine the framework for these industries.

See HERE for the APRA’s original media release on the latest Financial Accountability Regime (FAR) updates and HERE for the rules and forms.

To get more context and background information on FAR developments, see HERE for the previous newsletter on FAR by Guerdon Associates.

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