Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Regulator set up to monitor ASIC and APRA

ASIC/APRA/Joe-Longo/regulation/

24 June 2021
| By Laura Dew |
image
image image
expand image

A new regulator has been set up to review the effectiveness of the Australian Securities and Investments Commission (ASIC) and assist newly-appointed chair Joe Longo.

The Financial Regulator Assessment Authority Bill 2021 was passed by the Government on Wednesday to set up an independent body, the Financial Regulator Assessment Authority (FRAA), following recommendations made by the Hayne Royal Commission.

FRAA’s role would be to “regularly review and report on the effectiveness and capability” of ASIC as well as the Australian Prudential Regulation Authority (APRA).

It would have three independent statutory appointees which Treasurer Josh Frydenberg said would be announced in due course.

In its first year, Frydenberg said, the FRAA would be tasked with assisting new ASIC chair, Joe Longo, to ensure ASIC was operating consistently with the Government’s Statement of Expectations and supporting Australia’s economic recovery from COVID-19.

Longo was appointed to the board of ASIC earlier this year, joining from law firm Herbert Smith Freehills, and began his role on 1 June, 2021.

“[This] legislation ensures Australia’s financial regulators will continue to be strong and effective, maintaining the community’s trust and confidence in the financial system,” the Treasurer said.

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 4 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 4 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks 6 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 3 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

5 days 13 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3