The Australian government has introduced a new regulator review board to report on the effectiveness of the country’s banking and corporate regulators – and it has now found a chair to lead its members.
The new regulator review board, Financial Regulator Assessment Authority (FRAA), was set up in response to a 2018 inquiry into misconduct in the banking, insurance, and pension fund sectors in Australia, where regulators received criticism for their “light touch” on enforcement.
Now, the government has announced that it has chosen former Macquarie Group CEO Nicholas Moore as the chair of the new regulatory body. He will work with:
- Craig Drummond, a former veteran banker with National Australia Bank (NAB);
- Merrill Lynch, a former country head of Bank of America; and
- Gina Cass-Gottlieb, a partner at Gilbert + Tobin.
In its first year, the FRAA will evaluate ASIC to assist its recently appointed chair, former lawyer Joseph Longo, to ensure that the corporate regulator is operating effectively and consistently with the government’s expectations, according to Treasurer Josh Frydenberg.
“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 ... which will assist in their assessment of the operational performance of both ASIC and APRA,” Frydenberg said, as reported by Reuters.
APRA chair Wayne Byres added: “We look forward to working with them to further refine and enhance the effectiveness of our supervision of the banking, insurance, and superannuation industries.”