The Australian government has appointed the members of the new three-person regulator review board including the former Macquarie group chief executive as its chair.
Nicolas Moore has been named as chair of the Financial Regulator Assessment Authority (FRAA)., according to a statement, which will supervise both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
Moore was previously the Macquarie’s group CEO for a decade until 2018.
Veteran Appointments
Joining Moore in the three-person board is seasoned banker Craig Drummond and corporate lawyer Gina Cass-Gottlieb.
Drummond was previously a National Australia Bank veteran and country head of Bank of America Merrill Lynch.
Cass-Gottlieb is currently a senior partner at law firm Gilbert + Tobin.
FRAA
The FRAA is expected to report on the effectiveness of Australia’s banking and corporate regulators.
It was set up in response to recommendations made by a 2018 inquiry on misconduct in the banking, insurance and pension fund sectors with regulators being criticized for their «light touch» on enforcement.
«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,» said Australia’s Treasurer Josh Frydenberg in a statement.
