Announcing the review this morning, Mr Frydenberg said the capability review will ensure the regulator has the “appropriate governance, capabilities and systems” to meet regulatory challenges.
Mr Frydenberg added that the review forms part of the government’s response to the Financial System Inquiry, which recommended periodic reviews of the capabilities of financial regulators.
“Findings of the capability review will also provide information to assist the Government’s consideration of the Murray Inquiry recommendation for ASIC’s regulatory activities to be funded by industry,” Mr Frydenberg said.
The review committee will be chaired by a commissioner of the productivity commission, Karen Chester, former chief executive of the Queensland Treasury Mark Gray, and Madgwicks Lawyers partner David Galbally.
“The expert panel will be supported by a team of public and private sector personnel, and will provide a final report to Government by the end of 2015,” Mr Frydenberg said.
“In undertaking the review, the expert panel will consult extensively with private sector businesses regulated by ASIC, peak bodies, regional and consumer representatives and other stakeholders.”
The review of ASIC is to be completed by the end of 2015.
Now we know why NAB & CBA were treated gently in their recent encounters with ASIC
It also explains the biased rubbish in the ASIC report on life insurance which to my knowledge did not look at bank life advisers. They needed to blacken our name
To quote the report on ASIC in the Business Day Section of the Sydney Morning Herald
A LinkedIn search reveals there are at least 21 current employees at ASIC who have worked at the Commonwealth Bank In the past.
ASIC is second guessing everything the AFA/FPA put to Frydenberg
A review well over due ASIC stopped listening long ago poor record in administering registered company auditors and looking after top end of town only.
I will be presenting a detailed submission.
Good to see Joshua.
The fit and proper person test was not done at ASIC.
Kind regards,
Adrian Totolos.
Business Analyst.
I can just see the Liberal Party making it better and more just for public investors and harder for corrupt businesses – Yeah! When it rains in hell!
Any exercise which will result in the standard Statement of Advice increasing in size by 30 pages on the basis of additional disclosures that achieve nothing. ASIC have been shown to have failed but nothing will happen other than taxpayers money being spent.
Thank goodness another clueless politician will investigate an area they have no experience in.
just be very quiet when in Asics head office….these guys have been asleep for decades and you know whatnits like waking up sleep walkers.
So its in response to Murray
Like most reports it will be sidelined. I cant see Mr Medcraft, for example, being chastised for his open endorsement of CPAs new dealership before it was even established
And the review ask ASIC why they engaged in a polemic with their Life Insurance churning report. What about being to closed to the ISN