FAR Banking (in force 15 March 2024) — first ASIC/APRA actions
In plain English
ASIC and APRA have commenced enforcement actions related to the Financial Accountability Regime (FAR) for banking.
ASIC and APRA have taken initial enforcement actions concerning the Financial Accountability Regime (FAR) for banking. This marks the first actions taken by these regulators under the FAR. The respondent is not specified in this document. The actions relate to obligations under the FAR. Further details will be released in due course.
Why it matters
The FAR holds individuals and financial institutions accountable. This enforcement focus highlights the importance of understanding and complying with FAR obligations. Businesses should review their processes and governance to ensure compliance.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Facts
FAR (Financial Accountability Regime) banking phase began 15 March 2024. First wave of accountability statements + maps + accountable persons; insurance + super phase from March 2025.
Outcome
Compliance phase + first enforcement engagement on accountability mapping + breaches by accountable persons.
Read the source
https://asic.gov.au/regulatory-resources/financial-services/financial-accountability-regime/Rules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.