Responding to questions on notice from the House economics committee, ASIC said around 50 per cent of regulatory staff on its 34-person super team had had direct experience in the super industry before working at ASIC.
Staff members had a fairly even spread of experience between industry and retail sectors, with 41 per cent saying they had previously worked at an industry fund and 41 per cent saying they had worked in the retail super sector.
Around 70 per cent of staff with super industry experience said they had worked in another sector of the super industry, such as government or corporate super.
In terms of the overlap between staff who had worked in numerous parts of the super industry, ASIC said 17.6 per cent had worked in industry funds as well as other sectors such as government or corporate, while around 12 per cent had worked in both industry and retail funds.
A further 12 per cent had worked in both industry and retail funds, while another 12 per cent had worked only in retail funds and around 6 per cent had worked only in industry funds.
ASIC said it had not been able to confirm how many of its approximately total 2,300 staff had previously worked in the super sector.
It is an unmitaged disgrace that such a situation is tolerated.
Leave school aged 18, join a call center at Australian Super, then do a Finance Law Degree, land a job at ASIC earning $80,000 aged 23,(insert write FASEA exam here) and then onto $800,000 at the CBA aged 27. Usually after a CBA compliance visit of course.
How many ASIC managers and above from Industry Super ? ALL or just 95%
Obviously most of ASIC’s staff have no reality or basic understanding the challenges Advisers have. That is always a concern.
How many ex-financial advisers?
Not important… Senator Tim Wilson is an ex adviser and hasn’t got a glowing view of advisers and advice. I don’t think ASIC would attract any ex advisers with a different view.
Tim Wilson has barely worked for anyone apart from Murdoch’s IPA or as a Liberal politician in a safe seat…
I think you’ve confused him with Tasmanian Greens Senator Peter Whish-Wilson who made a shit load of money working for Merrill Lynch & Deutsche Bank before converting to a financial market hating greenie…so easy to be against making money AFTER you’ve already filled your boots and sitting comfortably.
……with 41 per cent saying they had previously worked at an industry fund and 41 per cent saying they had worked in the retail super sector.- funny answer was it verified and at what level of responsibility???
How about disclosing the level of on-the-ground experience in financial planning? I’d bet it averages 2-5 years at most per “Analyst” who issues banning orders based on their own limited experience – experience that sees them unable to perform and keep their jobs so they go to easier pastures….ie ASIC. Those who can’t do, teach.
Using numbers of employees instead of percentages:
Responding to questions on notice from the House economics committee, ASIC said around 16-18 of regulatory staff on its 34-person super team had had direct experience in the super industry before working at ASIC.
Staff members had a fairly even spread of experience between industry and retail sectors, with 14 saying they had previously worked at an industry fund and 14 saying they had worked in the retail super sector.
Around 23-25 staff with super industry experience said they had worked in another sector of the super industry, such as government or corporate super.
In terms of the overlap between staff who had worked in numerous parts of the super industry, ASIC said 6 had worked in industry funds as well as other sectors such as government or corporate, while 4 had worked in both industry and retail funds.
A further 4 had worked in both industry and retail funds [repetition of previous para], while another 4 had worked only in retail funds and 2 had worked only in industry funds.