The government’s Financial Regulator Assessment Authority bill has passed in Parliament this week.
Under the legislation, new independent body, the Financial Regulator Assessment Authority (FRAA), will regularly review and report on the “effectiveness and capability” of ASIC and APRA.
The FRAA will consist of three independent statutory appointees and the biennial reports will be tabled in Parliament.
“In its first year, the FRAA will be tasked with assessing the effectiveness and capability of ASIC so as to assist newly appointed ASIC Chair Joseph Longo in ensuring ASIC is operating consistently with the Government’s Statement of Expectations and is supporting Australia’s economic recovery from the COVID-19 pandemic,” the government said in a statement.
“The Morrison Government’s legislation ensures Australia’s financial regulators will continue to be strong and effective, maintaining the community’s trust and confidence in the financial system.”
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