AU: Financial Accountability Regime (FAR)¶


Regulator	APRA
Jurisdiction	AU
Status	live
Applicability	External — Executive accountability obligations under the Financial Accountability Regime. Governance and regulatory engagement process. The platform's audit trail and decision log provide evidence but the regime itself is not system-delivered.

Outside platform boundary

Executive accountability obligations under the Financial Accountability Regime. Governance and regulatory engagement process. The platform's audit trail and decision log provide evidence but the regime itself is not system-delivered.

The Financial Accountability Regime Act 2023 (FAR) replaced the Banking Executive Accountability Regime (BEAR). It extends accountability obligations to all APRA-regulated entities and introduces ASIC as a co-regulator for conduct obligations. FAR requires ADIs to register accountable persons, define accountability maps and accountability statements, and maintain deferred remuneration arrangements. ADIs are covered from March 2024; insurers and superannuation from March 2025.

Platform boundary — FAR is entirely institutional. FAR is a governance, HR, and regulatory engagement regime. None of its obligations are delivered by the banking platform. This is a deliberate boundary choice: the platform provides the audit trail and decision-log evidence that can support FAR accountability demonstrations, but the platform does not own any FAR obligation. The absence of platform controls for FAR is not a gap — it reflects the nature of the regime.

APRA and ASIC share enforcement. Penalties: civil penalties up to AU$1.1B for ADIs. Individual accountable persons can be disqualified and fined up to AU$1.565M per contravention.

Compliance register¶

This register maps every material obligation under FAR to the platform control or institutional process that satisfies it. It is the static traceability layer for the Totara compliance report — dynamic data (module build status, test evidence, control test dates) is overlaid at runtime.

Scope legend¶

Symbol	Meaning
🤖 Automated	Platform enforces or performs the obligation. Primary control mode is GATE, AUTO, CALC, or ALERT. Human action is not required in the normal case.
📊 Evidenced	Platform captures the evidence trail automatically. Human compliance decision sits on top. Primary control mode is LOG.
🏛 Institutional	Obligation is met by a process entirely outside the platform — training programmes, board governance, HR, legal. Platform may generate evidence inputs but does not own the process.
N/A	Obligation does not apply to this deployment configuration.

Build legend¶

Symbol	Meaning
✅	Module built and deployed
🔨	Module planned — not yet built (`build_status: Not started`)
❌	Uncontrolled gap — no module attributed

Accountable persons register¶

Ref	Obligation	Scope	Policy	Platform controls	Build
S.27	Register accountable persons with APRA within 30 days of appointment; maintain the register with current information	🏛 Institutional	GOV-005	Accountable persons registration is an HR and legal obligation managed through APRA's online portal. Platform does not own this process.	—
S.28	Prepare an accountability statement for each accountable person setting out their responsibilities	🏛 Institutional	GOV-005	Accountability statements are authored by the Company Secretary and approved by the Board. Platform does not own this process.	—
S.29	Maintain an accountability map linking all accountability statements and key function responsibilities	🏛 Institutional	GOV-005	Accountability map maintenance is institutional. The platform's agent action log (MOD-047) provides evidence of actions taken under each accountable person's remit but does not maintain the accountability map itself.	—

Key function responsibilities¶

Ref	Obligation	Scope	Policy	Platform controls	Build
S.33	Each prescribed key function (risk, audit, compliance, finance, technology, customer, payments) must have a nominated accountable person	🏛 Institutional	GOV-005	Nomination and assignment of accountable persons to key functions is a board governance obligation. Platform does not own this process.	—

Deferred remuneration¶

Ref	Obligation	Scope	Policy	Platform controls	Build
S.36	Minimum 40% of variable remuneration deferred for at least 4 years for each accountable person	🏛 Institutional	PPL-002, GOV-005	Remuneration deferral arrangements are managed in the HR and payroll systems, which are external to the banking platform. Platform does not own this process.	—
S.38	Reduce deferred remuneration for accountable persons where accountability obligations were not met	🏛 Institutional	PPL-002, GOV-005	Remuneration reduction decisions are made by the Board Remuneration Committee. Platform does not own this process. MOD-047 (LOG) — FAR accountable person accountability is evidenced by action logs under their remit; logs are available for board review.	—

Notification obligations¶

Ref	Obligation	Scope	Policy	Platform controls	Build
S.43	Notify APRA and ASIC within 30 days if an accountable person has breached their accountability obligations	🏛 Institutional	GOV-005	Breach identification and notification are governance and legal obligations. MOD-047 (LOG) — agent action audit trail is available as evidence for breach assessment; notification decision is made by the Board.	—
S.44	Notify APRA when an accountable person ceases to hold an accountable role	🏛 Institutional	GOV-005	HR and legal obligation. Platform does not own this process.	—

Institutional obligations (not platform scope — all FAR obligations)¶

All FAR obligations are institutional. The table below summarises the evidence inputs the platform provides.

Obligation	Owner	Platform evidence input
Accountable persons register maintenance	Company Secretary / General Counsel	—
Accountability statement authorship and annual review	Company Secretary / Board	—
Accountability map maintenance	Company Secretary	—
Key function nominee assignment	Board	—
Deferred remuneration programme design and administration	Chief People Officer / Board Remuneration Committee	—
APRA and ASIC notifications (appointment, cessation, breach)	Company Secretary / Chief Compliance Officer	MOD-047 provides action logs as supporting evidence
APRA FAR examination responses	Chief Compliance Officer	MOD-047, MOD-048, MOD-002 provide audit evidence base

Coverage summary¶

Area	Total obligations	Platform automated 🤖	Platform evidenced 📊	Institutional 🏛
Accountable persons register	3	0	0	3
Key functions	1	0	0	1
Deferred remuneration	2	0	0	2
Notification obligations	2	0	0	2
Total	8	0 (0%)	0 (0%)	8 (100%)

FAR is 100% institutional. No platform modules are attributed — this is deliberate. The platform provides audit and decision-log evidence that supports FAR accountability demonstrations but does not own any FAR obligation. This boundary is by design.

Policy	Title
GOV-005	Financial Accountability Regime (FAR) Policy
PPL-002	Remuneration & Variable Pay Policy

Official documentation¶

Policies referencing this standard¶

GOV-005 — Financial Accountability Regime (FAR) Policy
PPL-002 — Remuneration & Variable Pay Policy

Compiled 2026-05-22 from source/entities/regulations/au-far.yaml