APRA and ASIC commence consultation on FAR streamlining

APRA and ASIC have commenced joint consultation on proposed changes intended to streamline administration of the Financial Accountability Regime, 18 months after the regime took full effect across all regulated industries. The consultation, opened on 2 September 2026, follows a letter setting out two proposals, draft revisions to the Financial Accountability Regime (Information for register) Regulator Rules 2024 and a revised FAR information paper, with submissions due by 2 October 2026.

The first proposal would remove key functions as prescribed information required on the Register of accountable persons, on the basis that key functions assist contextual understanding but are not necessary to identify accountable persons or their areas of responsibility. The second would stop requiring information about accountable persons' direct reports in accountability maps. APRA and ASIC estimate the changes will reduce reporting for all accountable entities and the roughly 4,500 individuals currently registered as accountable persons, and expect the accountability map change alone to at least halve the number of updates entities need to lodge.

Subject to feedback, the regulators intend to finalise the Regulator Rules and information paper by the end of 2026, with the changes taking effect from early 2027. The proposals apply only to the administrative and reporting settings under the existing regime and do not alter the accountability obligations, deferred remuneration requirements or underlying conduct standards that apply to accountable entities and persons under the Financial Accountability Regime Act 2023. Separately, the government is expected to consult through Treasury on broader legislative reforms to the regime.