THE HON JOSH FRYDENBERG MP
29 November 2021
FINANCIAL REGULATOR ASSESSMENT AUTHORITY REVIEWS THE EFFECTIVENESS AND CAPABILITY OF ASIC
The Morrison Government welcomes the Financial Regulator Assessment Authority’s (FRAA) first review of the effectiveness and capability of the Australian Securities and Investments Commission (ASIC).
The FRAA, established in response to recommendations 6.13 and 6.14 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, is tasked with reviewing and reporting on the effectiveness and capability of ASIC and the Australian Prudential Regulation Authority (APRA).
The FRAA’s first review will be a targeted assessment of ASIC’s effectiveness and capability in strategic prioritisation, planning and decision-making, ASIC’s surveillance function, and ASIC’s licensing function. The first review will also examine ASIC’s use of data and technology in each of these areas of focus.
The FRAA’s review will be conducted against the backdrop of the Government’s Statement of Expectations and the need for ASIC to continue supporting Australia’s economic recovery from the COVID-19 pandemic.
Further details about the FRAA’s first review, including how to make a submission, can be found on its website at https://fraa.gov.au/consultations.
The FRAA will provide its report to Government by the end of July 2022.
The Morrison Government is ensuring Australia’s financial regulators remain strong and effective, helping to maintain the community’s trust and confidence in the financial system.