meta_id 3241558

On June 26, 2026, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) announced changes to the Financial Accountability Regime (FAR) to reduce regulatory burden while maintaining accountability standards. The regulators will remove key functions requirements from FAR regulator rules, raise the materiality threshold for notifying ASIC and APRA of changes in accountability, and eliminate requirements for information on accountable persons' direct reports in accountability maps. ASIC and APRA estimate the changes will reduce reporting across all accountable entities and approximately 4,500 impacted accountable people. The accountability map updates will be reduced by at least half. ASIC will streamline responsible manager Australian financial services licensing requirements for FAR entities by reducing requirements to submit evidence of competence from October 2026, benefiting approximately 2,000 current Australian financial services licensees. APRA will commence consultation on removing all reporting requirements under its fit and proper regime. APRA Member Therese McCarthy Hockey said the reforms maintain proportionality and allow entities to focus on their operations. ASIC Commissioner Kate O'Rourke noted the reforms align with ASIC's multi-year regulatory simplification program, reducing burden while maintaining consumer protections. The measures form part of the Government's Better Regulation reforms announced in the 2026-27 Budget, which propose that entities provide accountability statements and maps on request rather than upfront and have more time to register accountable persons. ASIC and APRA will consult on the changes and aim to implement them by the end of 2026. These reforms also contribute to the Council of Financial Regulators' broader package of actions designed to reduce regulatory burden and improve how regulators collect, share and use data.