FAR In Focus
One Year On – Preparing Supers and Insurers for What’s Ahead
It’s been just over a year since the Financial Accountability Regime (FAR) came into effect for authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs). Since March 2024, FAR has reshaped how accountability, governance, and risk are approached in Australia’s banking sector. Now, as the regime extends to superannuation funds and insurers, the question is: what can these sectors learn from the banks that went first?
What We’ve Learned in the First Year of FAR
Over the past year, banks have faced both challenges and opportunities as they adjusted to the expanded scope and sharper focus of FAR. We’ve seen the regime drive:
- Deeper integration of accountability frameworks into enterprise risk management
- Cultural shifts that prioritise transparency and decision ownership
- Greater use of technology and compliance automation to support documentation of reasonable steps and meet regulator expectations
These developments have laid the groundwork for other sectors to follow—with fewer missteps and more confidence.
Why Supers and Insurers Should Pay Attention
The extension of FAR means that directors and senior executives in superannuation and insurance are now directly accountable for governance failures within their remit. This brings new pressure—but also a chance to proactively reshape internal culture, compliance structures, and risk practices.
Sharing Key Learnings
As part of StarCompliance’s (Star) commitment to advancing employee compliance effort around the globe, the company will be hosting an essential webinar “BEAR to FAR: What Supers & Insurers Can Learn from the Banking Sector”, on Wednesday, May 28, 2025, at 10:00 AM AEST featuring expert insights from Liam Hennessy, Partner at Thomson Geer, and James Chidwick, Senior Sales Executive at Star.
This webinar will unpack:
- The key differences and similarities between BEAR and FAR
- Compliance timelines every super fund and insurer should be tracking
- Common pitfalls observed in banking—and how to avoid them
- What APRA and ASIC expect from your board and risk leaders
- Best practices from global employee compliance programs that can strengthen FAR adherence
Whether you’re responsible for governance, risk, or compliance in a super fund or insurer—or you’re preparing your organisation for the regulatory road ahead—this session will give you a valuable head start.
Register Now
Don’t miss this opportunity to hear from industry experts and get practical strategies to navigate FAR confidently. Click here to reserve your spot on 28 May. Let’s turn the lessons of the past year into stronger compliance practices for the future.
May 28 @ 10:00 AM AEST
BEAR to FAR: What Supers & Insurers Can Learn from the Banking Sector
As FAR extends the principles of BEAR to superannuation and insurance sectors, it is crucial for industry leaders to understand the lessons learned from the banking sector’s experience with BEAR.
To learn more about Star and its full suite of SaaS-based products and services, schedule your personalized demo here.
