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.
In the 2023‑24 Budget the government announced its intention to reduce the frequency of the FRAA review cycle from a biennial basis to a five yearly cycle. Amendments to the FRAA Act that reflect this revised frequency are expected to be introduced to Parliament later in 2023.