Comply with Financial Accountability Regime (FAR) accountability obligations
Banking entities from 15 March 2024; insurers and super trustees from 15 March 2025.
Who must comply
Banking entities, insurance entities and RSE licensees, plus significant related entities.
What triggers it
Being a FAR-regulated entity.
When due
Continuous; specific events trigger ASIC/APRA notifications.
Evidence required
Accountability statements, accountability map, deferred remuneration arrangements, accountable persons register.
Max penalty
Civil penalties up to $1.565M (individuals) / $9.39B (entities under the FAR penalty regime — calculated by reference to size)
Effective from
15 March 2024
Summary
The Financial Accountability Regime extends BEAR-style accountability across banking, insurance and superannuation. Requires registration of accountable persons, accountability statements and maps, deferred remuneration arrangements, and breach reporting to ASIC/APRA.
Enforced by
Source legislation
Industries
Topics
Source: https://apra.gov.au/financial-accountability-regime. Rules Mate is not a law firm. Always verify against the live regulator source before acting.