Did ASIC help choose its own watchdog?

Mike Taylor

Managing Editor and Publisher

20 July 2026

The Australian Securities and Investments Commission (ASIC) may have been asked by Treasury to provide the names of people it believes would be suitable to sit on the panel meant to oversee both ASIC and its sister regulator, the Australian Prudential Regulation Authority (APRA).

ASIC chair, Sarah Court was specifically asked during Senate Estimates whether ASIC had provided any names to Treasury of people that could or should be considered to participate on the Financial Regulator Assessment Authority review panel.

West Australian Liberal Senator, Dean Smith asked Court whether Treasury had asked ASIC who might be appropriate to sit on the panel, with new ASIC chair responding that she believed such a question may have been asked during a meeting with Treasury.

Asked by Smith whether she provided some advice to Treasury about who would be suitable on the panel, Court she would have to take the question on notice.

“I don’t recall giving advice, in any formal sense, to the Treasury. I think more likely-but I’m speculating here-we said, ‘Yes, we’ll think about if there are any names that might be good to do this’.

“I can take on notice whether or not we’ve provided any particular suggestions. Sometimes, of course, it can be helpful to have former regulators, or people who know ASIC’s work and who know the context in which we’re working, because then people don’t start completely from scratch.

“I don’t know if anyone else has a better answer to that, but we’re very open to engaging with Treasury and to providing any assistance that we can to help the process,” Court said.

Smith said he was keen to be clear about the situation “because it goes to the independence of the review”.

The Financial Regulator Review Assessment Authority web site describes it as “an independent statutory body tasked with assessing and reporting on the effectiveness and capability of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA)”.

“The FRAA’s statutory mandate requires it to assess and report on the effectiveness and capability of ASIC and APRA on a biennial basis, commencing on 1 July 2021,” it said.