Financial Regulator Assessment Authority
FRAA
2021 – present
Statutory body of part-time members, supported by a Treasury secretariat, that assesses and reports to the Government on the effectiveness and capability of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.
How it came into existence
Established under the Financial Regulator Assessment Authority Act 2021. It implemented a recommendation of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry for regular independent assessment of the financial regulators. The function was new.
Legislation: Financial Regulator Assessment Authority Act 2021
Main functions
- Assessment of the effectiveness and capability of ASIC
- Assessment of the effectiveness and capability of APRA
- Reports to the Government on the regulators' performance
Where it sits
In the portfolio of Department of the Treasury.
Lineage
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Sources
Primary sources
- Australian Government Organisations Register (Department of Finance, data.gov.au) (listed from 30 September 2021 to 31 March 2024)
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.