Each body with an oversight role in respect of APRA or ASIC serves an important, but limited, function. The current framework is heavily focused on governance and financial accountability. None of the existing processes requires regular and systematic review of how well either regulator discharges its statutory functions or exercises its statutory powers.
The Murray Inquiry recommended that a Financial Regulator Assessment Board be established ‘to undertake annual ex post reviews of overall regulator performance against their mandates’.
Given the importance and size of ASIC’s remit, I have come to the view that a permanent oversight body is now required. Similarly, the significance of APRA’s work to the strength of Australia’s financial system and the interconnectedness of its work with that of ASIC – which will be significantly amplified if the recommendations I have made are implemented – mean that it too should be subject to more consistent and rigorous assessment.
 See Treasury, Interim Report Submission, 41 .
 Murray Inquiry, Final Report, 235. See also John Uhrig, Report of the Corporate Governance of Statutory Authorities and Office Holders, June 2003, 52–5.