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.

2022 Effectiveness and Capability Review of the Australian Securities and Investments Commission

The 2022 Review of ASIC focused on ASIC’s strategic prioritisation, planning and decision making, surveillance and licensing functions. The report was tabled by the Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, on 25 August 2022.

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.