The Financial Regulator Assessment Authority is established.

The Authority's functions include:

  (a)   once every 2 years, assessing the effectiveness and capability of each of APRA and ASIC and reporting to the Minister; and

  (b)   when requested by the Minister, undertaking assessments on any matter relating to APRA's, or ASIC's, effectiveness and capability.

APRA and ASIC and their members and staff are required to cooperate with and provide information to the Authority.