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 commenced for authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) from 15 March 2024, and to insurance entities, their licensed NOHCs, and superannuation trustees from 15 March 2025.

Joint Administration Agreement

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

Joint Administration Agreement between the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission

Information paper for accountable entities

The information paper assists accountable entities and their accountable persons in understanding 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 (Updated 11 July 2024)

Guidance materials for accountable entities

Accountability statement guidance and template (Updated 11 July 2024)
APRA Connect reporting forms - instruction guides (Updated 11 July 2024)

BEAR information paper

In December 2020, APRA released an information paper detailing the findings from its review of the implementation of the Banking Executive Accountability Regime (BEAR) by three of Australia’s largest ADIs, sharing examples of better practice with all stakeholders.

Information Paper – Implementation of the Banking Executive Accountability Regime

FAR presentations

FAR legislation and rules

FAR news and announcements

FAR Privacy Collection Notice

FAR consultation

Single point of contact

Please direct any queries or requests to the Regulators’ FAR@apra.gov.au mailbox.

Any personal information submitted to this mailbox will be handled in accordance with APRA’s Privacy Policy and FAR Privacy Collection Notice, both available on APRA’s website.