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 the Australian Securities and Investments Commission (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.