Financial Regulator Assessment Authority 2021

# Financial Regulator Assessment Authority Bill 2021 ## What it does Creates a new independent authority to regularly check how well Australia's main financial regulators (APRA and ASIC) are doing their jobs. The authority will conduct assessments every two years and can also do special reviews when asked, then publish reports on their findings. ## Why it matters If your bank collapses or your investment gets dodgy, part of the problem might be regulators dropping the ball. This gives parliament a dedicated watchdog to spot whether regulators need to lift their game, potentially catching problems before they hurt ordinary Australians' savings and superannuation. ## Key details - **Biennial (two-yearly) reports** must be tabled in parliament so the public and politicians can see how APRA and ASIC are performing - **Independence is built in** — the authority has powers to demand information from regulators and can't be told what to say in its reports - **Ad hoc reviews allowed** — parliament or the government can request special assessments if concerns pop up between scheduled reviews

🔒 Voting closed — this bill has been decided by parliament