The Financial Regulator Assessment Authority (FRAA) is an independent statutory body tasked with assessing and reporting on the effectiveness and capability of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

The FRAA is composed of three part-time members appointed by the Minister, supported by a Secretariat of Treasury staff. The current members of the FRAA are Mr Nicholas Moore (Chair), Ms Fiona Crosbie, and Mr Craig Drummond.

The FRAA’s statutory mandate requires it to assess and report on the effectiveness and capability of ASIC and APRA on a biennial basis, commencing on 1 July 2021.

Scope of assessment of the Australian Securities and Investments Commission

Information about the scope of the first FRAA assessment of ASIC’s effectiveness and capability, including key assessment questions and guidance on making a submission.

Financial Regulator Assessment Authority Act 2021

The Financial Regulator Assessment Authority Act 2021 outlines the functions, responsibilities, and obligations of the FRAA, its Members, the Secretariat, and the regulators.