Former Macquarie Group CEO Nicholas Moore has been appointed chair of the Financial Regulator Assessment Authority (FRAA).
Mr Moore’s appointment was announced by Treasurer Josh Frydenberg on Friday, alongside the appointments to the FRAA board of Gina Cass-Gottlieb, partner at the Competition and Regulation Group of Australian law firm Gilbert + Tobin, and the CEO of Medibank, Craig Drummond.
The FRAA was established in response to recommendations 6.13 and 6.14 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and is tasked with reviewing and reporting on the effectiveness and capability of ASIC and APRA.
“Together, the inaugural members have an in-depth understanding of Australia’s regulatory framework and first-hand experience working with ASIC and APRA over many years,” Treasurer Frydenberg said.
“They also have strong organisational experience which will assist in their assessment of the operational performance of both ASIC and APRA.”
Treasurer Frydenberg announced the creation of the FRAA in April as he revealed outgoing ASIC chair James Shipton was to be replaced with current Herbert Smith Freehills senior adviser Joe Longo, with the authority to take a key role in advising Mr Longo as to what changes are needed to be made at the regulator.
The Treasurer confirmed on Friday that in its first year, the FRAA will assess the effectiveness and capability of ASIC to assist recently appointed Mr Longo in ensuring ASIC is operating effectively and consistently with the government’s Statement of Expectations.
“In establishing 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,” Mr Frydenberg concluded.
It was earlier confirmed that the FRAA will not have the power to make comment on individual enforcement actions taken by the regulators “so that operational independence is not unreasonably impacted”, nor will it be able to direct regulators to implement any of the recommendations made.
If Moore is another FSC type, don’t get too excited.
I paid all these ASIC levies and how many Face to Face genuine Financial Planners are represented? Nil. Advisers please write to the Commonwealth Ombudsman explaining the amount you paid and ask where is your voice?
Regulation of this sector deserves better than what seems like a Liberal Appointed Mac Bank CEO that likely turned around and blamed Advisers and called for FASEA a few years ago….No doubt Labor will sack him and appoint an AustralianSuper staffer next….
This lack of representation is just a joke. It’s like the TPB where over 30% of paying members are planners and not a single Board member is a Planner and we wonder why we can’t get access to the ATO Portal to determine super caps and advice is not a tax deduction.
I could have given them the advice for free, sack them all at asic and start again. Make sure any new staff have done min grad dip of FP and also the ethics course. Make sure any new staff spend a month with an adviser in their office. Make sure their staff talk to actual clients not consumer groups that don’t actually consume advice. There you go , no need to waste all this money on people that are already very rich like ex maq ceos. Talk about a gravy train, toot toot
Most of the ASIC auditors know in the FA team have had numerous years working as a successful adviser, passed FASEA exam (first attempt) and met the new education requirements.
another of this incompetent governments Jobs for the boys (mates) what duplication costs the tax payer. who is watching the watcher
Hopefully some common sense to address the pending dramatic loss of good advisers to the broad industry.
Might stop the pending political storm with the FASEA failures.
Might end the advisers just doing the FASEA exam so they can then simply sell their business as a better price