The Federal Government has appointed the inaugural members of the Financial Regulator Assessment Authority (FRAA), which is tasked with reviewing and reporting on Australia’s twin watchdogs.

FRAA will be chaired by former Macquarie Group CEO Nicholas Moore, who currently holds multiple directorships in the private and non-profit sectors, while Gina Cass-Gottlieb and Craig Drummond were also appointed.

Ms Cass-Gottlieb is a partner with the competition and regulation group of law firm Gilbert + Tobin and in 2018 was reappointed to the Reserve Bank of Australia Payments System Board.

Mr Drummond most recently served as Medibank CEO and was previously Group Executive Finance and Strategy at National Australia Bank and CEO and Country Head of Bank of America Merrill Lynch (Australia).

FRAA, established in response to Hayne royal commission recommendations, will review the capabilities of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

“Together, 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,” a statement from Treasurer Josh Frydenberg says.

“They also have strong organisational experience which will assist in their assessment of the operational performance of both ASIC and APRA.”