Former Macquarie Group chief executive Nicholas Moore has been appointed inaugural chair of the Financial Regulator Assessment Authority (FRAA).
Gina Cass-Gottlieb, partner within the Competition and Regulation Group of Australian law firm Gilbert and Tobin, and Craig Drummond, former NAB group executive finance and strategy, had also been appointed.
The FRAA was established in response to recommendations 6.13 and 6.14 of the Hayne Royal Commission was tasked with reviewing and reporting on the effectiveness and capability of Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
In its first year, the FRAA would be responsible for assessing the effectiveness and capability of the ASIC to assist recently appointed ASIC chair, Joe Longo, in ensuring ASIC was operating effectively and consistently with the Government’s Statement of Expectations.
Treasurer Josh Frydenberg said: “Together, the inaugural members have an in-depth understanding of Australia’s regulatory framework and first-hand experience working with ASIC and [the Australian Prudential Regulation Authority] APRA over many years.
“They also have strong organisational experience which will assist in their assessment of the operational performance of both ASIC and APRA.
“In establishing the FRAA, the Morrison Government is ensuring that Australia’s financial regulators will continue to be strong and effective, maintaining the community’s trust and confidence in the financial system.”
Comments
The number one question FRAA should be clarifying before they start, is whether the role of financial regulators is to protect consumers, or to indiscriminately persecute licensed providers. Only once that is clarified can regulator performance be assessed.
If the role of financial regulators is to indiscriminately persecute licensed providers, (which the regulators themselves seem to think it is), then they are clearly doing a great job.
If the role of financial regulators is to protect consumers, then they are failing dismally and actually making things worse for consumers.
Add new comment