The Morrison government has appointed Nicolas Moore, a former chief of Macquarie Group to head up the new regulator tasked with supervising the nation’s banking and corporate regulators.
Moore will chair the Financial Regulator Assessment Authority set up in response to recommendations by the Hayne royal commission to review and report on the effectiveness and capability of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.
The new three-person regulatory body will also include corporate lawyer Gina Cass-Gottlieb, a partner at lawyer, Gilbert and Tobin - and a member of the central bank's Payments System Board – and Craig Drummond, a former National Australia Bank finance director.
Drummond, a former country head of Bank of America Merrill Lynch, was most recently chief executive of Medibank.
"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," federal treasurer Josh Frydenberg said in a statement.
“They also have strong organisational experience which will assist in their assessment of the operational performance of both ASIC and APRA.
“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.”
In its first year, the group would evaluate the corporate regulator to assist its recently appointed chair, former lawyer Joseph Longo, to ensure ASIC is operating effectively, Frydenbeg added.