Treasurer Josh Frydenberg has leant on business community leaders to head up the new Financial Regulator Assessment Authority, which is being tasked with reviewing and reporting on the effectiveness and capability of ASIC and APRA.

Former Macquarie CEO Nicholas Moore will be the authority’s inaugural chair, along with Gilbert + Tobin lawyer Gina Cass-Gottlieb and ex-Medibank CEO Craig Drummond.

“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,” Frydenberg said in a statement announcing the appointments.

“They also have strong organisational experience which will assist in their assessment of the operational performance of both ASIC and APRA.”

The FRAA was established in response to recommendations from the Hayne royal commission, and will have as part of its immediate mandate helping recently appointed ASIC chair Joe

Longo ensure ASIC operates “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,” Frydenberg said.

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