The Government has appointed the inaugural members of the Financial Regulator Assessment Authority, the body tasked with reviewing and reporting on the effectiveness and capability of ASIC and APRA.
A statement from Treasurer Josh Frydenberg, says that a former Chief Executive Officer of Macquarie Group Nicholas Moore has been appointed Chair with the other members being Gina Cass-Gottlieb and Craig Drummond.
It says that Moore has had a distinguished career in the financial services sector and currently holds multiple directorships in both the private and non-profit sectors.
The statement notes that Cass-Gottlieb is a partner within the competition and regulation group of Australian law firm Gilbert + Tobin, “…and is recognised as one of Australia’s leading lawyers. In 2018, she was re-appointed by the Commonwealth Treasurer to the Reserve Bank of Australia’s Payments System Board.”
It states that Drummond is a distinguished executive who served as CEO of Medibank from 2016 to 2021. He was previously Group Executive Finance and Strategy at NAB and Chief Executive Officer and Country Head of Bank of America Merrill Lynch (Australia).
The statement says that together, the inaugural members “…have an in-depth understanding of Australia’s regulatory framework and first-hand experience working with ASIC and 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.”
It notes that in its first year, the authority will assess the effectiveness and capability of ASIC “…to assist recently appointed ASIC Chair Joseph Longo in ensuring ASIC is operating effectively and consistently with the Government’s Statement of Expectations.”
The FRAA has been established in response to recommendations of the Royal Commission into Banking, Superannuation and Financial Services.