APRA and ASIC Release Final FAR Guidance for Insurance and Superannuation Industries

Finance

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published final guidance materials for insurers and superannuation trustees to prepare for the implementation of the Financial Accountability Regime (FAR). The FAR, which already applies to the banking industry, will extend to the insurance and superannuation industries from 15 March 2025.

The new information released today includes updates to previously published materials, reflecting the final Regulator rules and key function descriptions for the insurance and superannuation industries. These materials aim to strengthen the risk governance cultures of APRA-regulated entities, their directors, and most senior executives.

The guidance materials for this new information package are available on APRA’s and ASIC’s websites, as well as on the FAR consultation page. This release completes the total package of FAR guidance materials, providing a comprehensive resource for industry stakeholders.

APRA and ASIC have also outlined proposed industry engagements and implementation timeframes, accessible on APRA’s website. These resources will assist insurers and superannuation trustees in understanding their obligations under the FAR and ensure a smooth transition to the new regulatory framework.

Media inquiries can be directed to APRA’s Corporate Affairs team or the ASIC Media Unit using the contact details provided. For additional information, contact APRA on 1300 558 849.

APRA, as the prudential regulator, oversees various financial services institutions, supervising entities holding around $9 trillion in assets for Australian depositors, policyholders, and superannuation fund members.

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