ASIC and APRA Finalise Changes to Simplify FAR Reporting

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have finalised changes to reporting under the Financial Accountability Regime (FAR), removing two requirements after consultation and strong industry support. The changes take effect from the announcement date and are intended to cut administrative work for regulated entities without altering their accountability obligations or those of accountable persons. Entities will no longer have to report key functions for the FAR register, or identify in accountability maps who reports directly to an accountable person. ASIC and APRA estimate the changes will reduce reporting requirements for all accountable entities and about 4,500 accountable people. They also expect the number of updates to accountability maps to be halved. ASIC Commissioner Kate O’Rourke said industry feedback supported simplifying FAR administration while maintaining clear accountability. APRA Deputy Chair Therese McCarthy Hockey said the changes form part of APRA’s broader effort to reduce regulatory burden while continuing to obtain the information it needs. Both regulators said entities should review the final guidance and update their reporting processes. Some consultation submissions sought broader changes, including clearer thresholds for notifying ASIC and APRA about changes in accountability. Those proposals are outside the current reforms but may inform future regulatory or legislative changes. The FAR changes also complement other streamlining work: APRA has consulted on removing fit-and-proper reporting requirements that duplicate FAR reporting, while ASIC has reduced competence-evidence requirements for Australian financial services licensees whose responsible managers are also accountable persons. ASIC’s changes took effect in October 2026 and are expected to benefit about 2,000 existing licensees. The final FAR guidance is available from APRA.