The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have opened a consultation on proposed amendments to the Financial Accountability Regime (FAR).
The corporate watchdog and prudential regulator are seeking feedback on amendments that would remove “key functions” requirements from the FAR regulator rules and simplify what must be included in accountability maps.
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Under the proposals, entities would no longer need to provide information about accountable persons’ direct reports in those maps.
The changes are designed to lessen the regulatory burden on entities while preserving the information needed for oversight of the regime.
The regulators estimate that the proposals would reduce reporting requirements for all accountable entities and around 4,500 accountable people.
They also expect the number of updates required for accountability maps to be cut by half.
APRA deputy chair Therese McCarthy Hockey explained that the consultation is part of the regulator’s wider work to reduce unnecessary obligations while supporting financial safety and stability.
Hockey said: “These proposed changes maintain strong accountability settings while minimising reporting requirements and supporting efficiency and productivity.
“They will allow entities to spend less time on administration and more time running their businesses.”
ASIC commissioner Alan Kirkland noted that the process reflected ASIC’s continuing focus on simplifying regulation.
Kirkland said: “We continue to explore opportunities to streamline the way entities deal with us in the areas we regulate.
“The proposed changes to FAR reporting will simplify reporting without undermining the strong accountability standards that Australians expect from their banks, superannuation funds and insurers.”
Subject to feedback received during the consultation, ASIC and the APRA aim to complete the changes by the end of 2026. The amendments are expected to take effect in early 2027.
