Chair of law firm Allens, Fiona Crosbie will join the Financial Regulator Assessment Authority (FRAA) from 21 March 2022 to 14 September 2026.
Ms Crosbie’s appointment to the independent statutory body – which assesses and reports on the capabilities of ASIC and APRA – comes after she recently chaired the Competition and Consumer Committee of the Law Council of Australia.
“The combined skills and experience of the Chair Mr Nicholas Moore and members Mr Craig Drummond and Ms Crosbie will support the FRAA’s ongoing reviews of ASIC and APRA,” Treasurer Josh Frydenberg said in a statement on Monday, 14 March.
“Through the establishment of 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.”
The appointment comes only days after the government confirmed Allens partner, Michelle Levy as the reviewer for the upcoming Quality of Advice review.
The review will invite submissions from the public and consult with stakeholders, including consumers, industry, and regulators.
A report will be provided to the government by 16 December this year.
Let’s create another layer of bureaucracy to give jobs to mates, when the obvious solution is to provide ASIC and APRA with the funding they need to do their job properly. The polls say it all.