Australia streamlines financial accountability rules

The changes will halve compliance updates for 4,500 people.

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) said that they are streamlining requirements in the country's Financial Accountability Regime (FAR).

The changes are expected to halve the number of updates entities need to make, as well as reduce reporting for all accountable entities and 4,500 impacted accountable people, the authorities said in a statement on 16 June 2026.

ASIC and APRA aim to implement changes by the end of the year.

Changes include removing key functions requirements from the FAR regulator rules, raising the materiality threshold for notifying ASIC and APRA of changes in accountability, and no longer requiring information on accountable persons’ direct reports in accountability maps.

ASIC said that it will reduce requirements to submit evidence of competence from October 2026. This change will benefit approximately 2,000 current Australian financial services licensees, ASIC said.

ASIC and APRA will consult on the proposed changes.