Call for feedback on ASIC effectiveness

FRAA ASIC

30 November 2021
| By Laura Dew |
image
image
expand image

The Financial Regulator Assessment Authority (FRAA) is to conduct the first review of the Australian Securities and Investments Commission (ASIC).

The review would cover ASIC’s effectiveness and capability in strategic prioritisation, planning and decision-making, surveillance activities and licensing function, including its use of data and technology.

It said it would not cover enforcement activities related to licences and registrations and that this would be a scope for a separate consultation at a later date.

Interested parties were invited to make submissions about ASIC’s effectiveness and capabilities by 28 January, 2022.

It would aim to provide a report by the end of July 2022.

In its scope of assessment, the body said: “In recent years, both ASIC and APRA have been subject to broad-ranging capability reviews convened on an ad-hoc basis. The FRAA’s permanent presence and biennial reviews will facilitate a more focused approach to assessments and reviews.

“Each FRAA review will assess a specific set of functions and operations of a regulator, with the breadth of the regulators’ activity to be assessed across a number of consecutive reviews.

“Given the breadth of ASIC and APRA’s operations, this approach will enable the FRAA to undertake meaningful assessments of each regulatory function and provide sufficient opportunities for the regulators to take action to address findings from the FRAA reviews.”

The FRAA was set up in June 2021 as a result of the Hayne Royal Commission to monitor ASIC and the Australian Prudential Regulation Authority (APRA).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 6 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 4 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

6 days 8 hours ago