The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published a letter containing observations on registration and notification lodgements made since the Financial Accountability Regime (FAR) commenced for the banking industry.
The Financial Accountability Regime commenced for the banking industry on 15 March 2024 and takes effect for the insurance and superannuation industries on 15 March 2025.
The letter identifies areas that require further consideration by banking entities and reiterates specific aspects, consistent with previously released FAR guidance, to entities across the banking, insurance and superannuation industries.
It details observations on:
- General and prescribed responsibilities;
- key functions by an accountable entity and an accountable person;
- notifications to the Regulators when persons cease to be an accountable person under the FAR or when there is any material change to their responsibilities.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
