The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have finalised changes to simplify reporting under the Financial Accountability Regime (FAR).
The changes follow strong industry support for reducing unnecessary administration. Following consultation, the regulators have finalised the removal of:
- the requirement to report key functions for the FAR register; and
- the need for accountability maps to identify who reports directly to an accountable person.
Together, these changes provide meaningful relief to regulated entities, with APRA and ASIC estimating they will reduce reporting requirements for all accountable entities and approximately 4,500 accountable people, while halving the number of updates to accountability maps.
The changes will take effect from today. The accountability obligations of FAR-regulated entities and accountable persons will remain unchanged.
ASIC Commissioner Kate O’Rourke said the feedback reinforced the benefits of simplifying FAR administration.
“Industry strongly supported these changes, which will reduce unnecessary reporting while maintaining clear accountability,” Ms O’Rourke said.
“We are proceeding with the reforms as proposed, delivering on our commitment to simpler regulation and making it easier for industry to meet its obligations.”
APRA Deputy Chair Therese McCarthy Hockey said the reforms formed part of APRA’s broader body of work to reduce regulatory burden while continuing to receive the information it needs, ensuring APRA’s regulation strikes the right balance.
“These straightforward reforms cut unnecessary reporting, freeing entities to focus on their work,” Ms McCarthy Hockey said.
Some submissions also called for broader changes, including clearer thresholds for notifying APRA and ASIC of changes in accountability. These changes fall outside the current reforms but may inform future regulatory or legislative changes.
The reforms complement other work to streamline requirements:
- APRA has recently consulted on removal of reporting requirements under its fit and proper regime to remove duplication with FAR reporting.
- ASIC has reduced requirements for Australian financial services licensees to submit evidence of competence for their responsible managers who are also accountable persons. These changes took effect in October 2026 and will benefit approximately 2,000 existing licensees.
Entities should review the final guidance and update their reporting processes to reflect these changes. The final documents can be found at Streamlining FAR administration .
