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Mortgage Business Senate greenlights regulator of regulators By Sarah Simpkins 24 June 2021 The Senate has passed a bill that will establish an authority that ASIC and APRA are accountable to, two years after it was recommended by the banking royal commission. On Tuesday night (22 June), the Senate passed the Financial Regulator Assessment Authority Bill 2021 with amendments. The law’s primary purpose is to establish the Financial Regulator Assessment Authority (FRAA), a body tasked with assessing the effectiveness and capability of ASIC and APRA. It will become law once the Governor-General gives royal assent. When he handed down his final report from the royal commission, commissioner Kenneth Hayne had called for a new oversight authority for the financial watchdogs, independent of government, as one of his recommendations.

Kenneth hayneSarah simpkinsStuart robertMichael sukkarJosh frydenbergJane humeAndrew braggFinancial regulator assessment authorityConsumer action law centreFinancial servicesBusiness accelerator programFinancial rights legal centreFinancial regulator assessment authority billTreasurer josh frydenbergAssistant treasurerHousing michael sukkar