FASEA is a public company limited by guarantee. It was incorporated in the Australian Capital Territory in 2017. The sole member is the Commonwealth of Australia, represented by the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Honourable Jane Hume.

FASEA is overseen by a Board of Directors which are appointed by the Minister. The Board is responsible to the Minister for the governance of FASEA. Its directors do not have any executive roles and are not responsible for the day to day operation and function of FASEA.

In accordance with the FASEA Constitution, the Board submits a Business Plan, Budget and Annual Report to the Minister each financial year.