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.
It will apply to insurance entities, their licensed NOHCs, and superannuation trustees from 15 March 2025. Please refer to the new FAR implementation for insurance and superannuation entities page for the implementation timeframes and the regulator engagement and support available.
Related documents
Joint Administration Agreement
The Joint Administration Agreement outlines the principles underpinning how APRA and ASIC will jointly administer the FAR.
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
Related resources
FAR implementation for insurance and superannuation entities
FAR implementation for insurance and superannuation entitiesFAR presentations
FAR presentationsFAR consultation
FAR consultationFAR news and announcements
FAR news and announcementsFAR Privacy Collection Notice
FAR Privacy Collection NoticeFAR legislation and rules
FAR legislation and rulesSingle 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.