Financial Regulator Assessment Authority
| Agency overview | |
|---|---|
| Formed | 29 June 2021 |
| Jurisdiction | Commonwealth of Australia |
| Parent department | Department of the Treasury |
| Website | fraa |
The Financial Regulator Assessment Authority (FRAA) is an Australian independent statutory authority that assesses and reports on the effectiveness and capability of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. The FRAA was established by the Financial Regulator Assessment Authority Act 2021 and is supported by a secretariat within the Department of the Treasury.[1][2]
History
The FRAA was created in response to recommendations 6.13 and 6.14 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Act commenced in 2021, with the Authority established on 29 June 2021 and the first assessment cycle beginning on 1 July 2021. The inaugural members were appointed in September 2021.[2][3][4][5]
Role and functions
Under the Financial Regulator Assessment Authority Act 2021 the FRAA:
- assesses and reports on the effectiveness and capability of ASIC and APRA at intervals specified by the Act and the Minister
- provides ad hoc reports to the Minister on matters relating to the effectiveness and capability of ASIC and APRA
- gives reports to each regulator and tables biennial reports in the Parliament as required by the Act
- operates independently and is protected by information handling and secrecy provisions in Part 4 of the Act.[1][2]
The FRAA complements existing accountability arrangements for financial system regulators described by the Reserve Bank of Australia in its overview of the regulatory framework.[6]
Membership
Members are appointed by the Minister under Part 3 of the Act. The inaugural members were Nicholas Moore AO as chair, Craig Drummond and Fiona Crosbie. Membership terms and later appointments are published by the Authority.[1][7][8]
Assessments and reports
The Authority commenced an assessment of ASIC in 2021, followed by an assessment of APRA in 2022, and publishes its reports and any subsequent statements on its website. The Government announced in the 2023–24 Budget an intention to change the frequency of the review cycle from biennial to five-yearly, subject to legislative amendment.[2][9]
See also
- Australian Securities and Investments Commission
- Australian Prudential Regulation Authority
- Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
- Financial regulation in Australia
References
- ↑ 1.0 1.1 1.2 "Financial Regulator Assessment Authority Act 2021". Federal Register of Legislation. Retrieved 16 October 2025.
- ↑ 2.0 2.1 2.2 2.3 "About FRAA". Financial Regulator Assessment Authority. Retrieved 16 October 2025.
- ↑ "Explanatory Memorandum - Financial Regulator Assessment Authority Bill 2021". ATO Legal Database. Retrieved 16 October 2025.
- ↑ "Financial Regulator Assessment Authority Bill 2021". Parliament of Australia. Retrieved 16 October 2025.
- ↑ "Govt appoints inaugural FRAA board". Money Management. 10 September 2021. Retrieved 16 October 2025.
- ↑ "Regulatory framework - overview". Reserve Bank of Australia. Retrieved 16 October 2025.
- ↑ "The members". Financial Regulator Assessment Authority. Retrieved 16 October 2025.
- ↑ "Inaugural Financial Regulator Assessment Authority members appointed". Mirage News - Australian Treasury release. 10 September 2021. Retrieved 16 October 2025.
- ↑ "Home - Financial Regulator Assessment Authority". Financial Regulator Assessment Authority. Retrieved 16 October 2025.
External links
- Official website
- Financial Regulator Assessment Authority Act 2021 at the Federal Register of Legislation
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