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# APRA Implements Financial Accountability Regime for Australian Banking Industry from March 2024
- URL: https://www.theglobalbanker.com/apra-financial-accountability-regime-australian-banking-march-2024/
- Published: 2024-03-16T06:00:00.000Z
- Updated: 2026-10-02T12:54:26.000Z
- Description: Australia's FAR replaced the Banking Executive Accountability Regime from 15 March 2024, strengthening personal accountability for senior bank executives under joint APRA-ASIC enforcement.
- Author: TGB Editorial Team
- Tags: Regulations, Asia-Pacific, #archive

The Financial Accountability Regime, jointly administered by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, came into force for the country's banking industry on 15 March 2024, replacing the Banking Executive Accountability Regime that had governed individual accountability standards for bank executives and directors since 2018\. 

The FAR introduces clearer and more prescriptive accountability obligations than those that existed under BEAR. Like BEAR, the new regime requires institutions to map specific accountabilities to named executives and directors and to register accountable persons with the regulators, but it sets more prescriptive obligations and makes them enforceable by both APRA and ASIC. 

#### APRA AND ASIC SHARE ENFORCEMENT POWERS

The FAR extends formal co-regulatory oversight to the Australian Securities and Investments Commission. Under BEAR, enforcement authority rested entirely with APRA. The FAR brings ASIC into the regime as a joint administrator, enabling the conduct regulator to take its own enforcement action against individuals at banking institutions for breaches of accountability obligations that fall within its supervisory remit.

The APRA-ASIC partnership also entails joint supervisory engagement with institutions, with both regulators sharing data about accountability mapping documentation and executive registration information. 

#### EXTENSION TO INSURANCE AND SUPERANNUATION AHEAD

The March 2024 commencement date applies specifically to the banking industry. The FAR extends to the insurance and superannuation sectors from 15 March 2025\. 

APRA and ASIC have said they will use their regulatory and enforcement powers to administer the FAR.