Govt appoints inaugural FRAA board
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.”
AUTHOR
Chris Dastoor
Recommended for you
The UK-based global asset manager has formed a new group executive committee to accelerate its growth strategy following the commencement of its new CEO this month.
Momentum Media has announced 26 winners across 10 individual and 15 group categories for its brand-new Australian AI Awards.
The financial services industry is currently “overwhelmed with quality and quantity of candidates”, Kaizen Recruitment explains, leading executives to face 12-month long recruitment processes.
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
