Not So ‘Far’ Out – The Extended Financial Accountability Regime in Australia

On 15 March 2025, the Financial Accountability Regime (FAR) will be extended to the insurance (including their non-operating holding companies) and superannuation industries in Australia, joining the banking industry, where the FAR has applied since 15 March 2024.

For the insurance and superannuation industries, the extended regime will impose a strengthened responsibility and accountability framework to improve the risk governance cultures of entities regulated by the Australian Prudential Regulation Authority (APRA), their directors and most senior executives.

In this e-briefing, we look at the latest developments, including APRA and the Australian Securities and Investments Commission's July information paper on 'FAR: Information for accountable entities.'