The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission have opened consultation on changes to streamline administration of the Financial Accountability Regime (FAR). The proposals would remove key functions requirements from the regulator rules and end the requirement to include information on accountable persons’ direct reports in accountability maps, reducing reporting while preserving information needed for regulatory oversight. The regulators estimate the changes would reduce reporting for all accountable entities and about 4,500 accountable people, while halving the number of updates to accountability maps. Subject to feedback, they plan to finalize the revised regulator rules and FAR information paper by the end of 2026, with the changes taking effect in early 2027.
2026-09-02Australian Prudential Regulation Authority
Australian Prudential Regulation Authority and Australian Securities and Investments Commission propose streamlined FAR reporting for 4,500 accountable people
The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission have proposed removing key functions requirements from FAR regulator rules and direct-report information from accountability maps. The changes are expected to reduce reporting for all accountable entities and about 4,500 accountable people, and halve map updates, with implementation planned for early 2027.