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鈥檚 financial institutions.
The FAR replaces the Banking Executive Accountability Regime (BEAR), which commenced in 2018, and is jointly administered by ob体育 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.听Please see the 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 ob体育 and APRA鈥檚 joint administration of the FAR.
- (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:
- (updated 11 July 2024), and
- (updated 11 July 2024)听
Further information
Related pages
APRA has made the following material available on their website:
ob体育鈥檚 Collection Notice
ob体育鈥檚 Collection Notice outlines how ob体育 will collect, use or disclose, and handle personal information for the purposes of administering the FAR jointly with APRA.
- (PDF 173 KB)
ob体育 and APRA letters to accountable entities
- (November 2024) (PDF 250 KB)
- (March 2024) (PDF 661 KB)
- (March 2024) (PDF 206 KB)
- (July 2024) (PDF 193 KB)
Single point of contact
Please direct any queries or requests relating to the FAR to the Regulators鈥� [email protected] 尘补颈濒产辞虫.听
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