APRA and ASIC have published information to help banks, insurers and super funds prepare for the commencement of the Financial Accountability Regime (FAR).
Coming into effect from 15 March, FAR will impose stronger responsibility and accountability framework to improve the risk governance cultures of APRA-regulated entities, their directors and most senior executives.
The information package includes an information paper on entities’ obligations, an updated accountability statement guide, template to help entities prepare for notification obligations, and reporting form instructions.
It also includes a consultation open to insurance and super funds, including proposed amendments to the regulator rules and draft key functions description for these entities.