This Act establishes the Financial Regulator Assessment Authority.

Every 2 years, the Authority is to assess the effectiveness and capability of APRA and ASIC and then report to the Minister. The Authority is also to undertake ad hoc assessments on any matter relating to APRA's, or ASIC's, effectiveness and capability when requested by the Minister.

The Authority consists of the Chair and 2 other members. It is assisted by APS employees in the Department whose services are made available by the Secretary.

The Authority may request information from APRA and ASIC. There are limitations on how some of this information can be used and disclosed.