The Minister Rules, Regulator Rules, Transitional Rules, ADI key functions descriptions, and reporting form instructions have been finalised.
March 9, 2024APRA and ASIC acknowledged that banks may need more time to comply with some FAR requirements due to delays finalising some rules.
February 5, 2024The new information package includes guidance for banks on transitioning to the FAR, including a template for producing accountability statements.
October 4, 2023The FAR replaces and extends the BEAR by imposing new accountability obligations on insurers, banks, super funds, and their senior executives.
September 7, 2023APRA and ASIC are consulting on the proposed regulator rules, ADI key functions and transitional rules to support the implementation of the new FAR.
July 20, 2023APRA identified issues with RACQ’s risk and compliance framework and practices, unclear accountabilities, and an "immature risk culture".
October 13, 2022If the legislation passes, the FAR will apply to banks six months after commencement, and to insurance and superannuation 18 months after commencement.
September 14, 2022APRA says it will receive all data collections through APRA Connect by 2027, and regulated entities should prepare by exploring automation opportunities.
April 1, 2022APRA says there will be a need for innovation in regulation and new rules, including to address how crypto-assets are treated for prudential purposes.
February 2, 2022Heritage Bank will also have to complete a remediation programme to address governance and risk management concerns.
November 30, 2021