APRA and ASIC commence consultation on FAR streamlining
The regulators propose removing key functions requirements from the FAR regulator rules and dropping the need to report direct reports in accountability maps, roughly halving how often maps must be updated. Affects all accountable entities and around 4,500 accountable persons, with changes to be finalised by end 2026 for early 2027 effect.
What it means for business
Consider reviewing your accountability map and FAR registration processes so you can adopt the lighter requirements from early 2027.
What does this mean for your business?
If this development touches your contracts, compliance or reporting, it may be worth a short conversation. Get in touch through our contact page and a senior lawyer will reply within one business day.
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