Paul Fletcher (Bradfield, Liberal Party, Minister for Communications, Urban Infrastructure, Cities and the Arts) Share this | Hansard source

I would like to thank all members who have contributed to this debate. The government is committed to implementing its response to the Financial Services Royal Commission and is delivering on this. The Financial Regulator Assessment Authority Bill 2021 creates an authority which will be charged with assessing the effectiveness and capability of the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority.

The Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021 facilitates the flow of confidential information between the regulators and the authority. By improving the accountability of ASIC and APRA, these bills will help to restore trust and confidence in Australia's financial system. I commend these bills to the House.

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