Financial Accountability Regime Act 2023
Short title: FAR Act
In plain English
The Financial Accountability Regime Act 2023 sets standards for financial institutions and their staff to improve accountability.
This Act establishes a Financial Accountability Regime. It applies to designated financial institutions. It also applies to individuals who are responsible for those institutions. The Act sets standards for their conduct. It aims to improve accountability and responsibility within the financial system. The Act commenced on 1 October 2023.
Why it matters
If your business is a designated financial institution, this Act impacts your governance, risk management, and employee conduct. Understand your obligations to ensure compliance and avoid potential issues.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Summary
Extends BEAR-style accountability framework across banking (from 15 Mar 2024), insurance + super trustees (from 15 Mar 2025). Requires registered accountable persons + accountability statements + maps + deferred remuneration arrangements.
Topics
Administered by
Source: https://www.legislation.gov.au/C2023A00067/latest. Rules Mate summarises and links; we don't republish full statutory text. Always verify against the live source before acting.