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ASIC defends its name at PJC hearing

The Australian Securities and Investments Commission has launched a passionate defence of its independence and management ability at a parliamentary joint committee hearing in Sydney today.

Appearing before a routine scheduled public hearing on “gatekeepers and expectation gaps in Australia’s financial system” at the New South Wales State Library, ASIC deputy chairman Peter Kell responded strongly to allegations of mismanagement in a case involving failed mining company Kagara.

“ASIC does favours for no-one,” Mr Kell said. “Any suggestion otherwise is a serious smear on this organisation and its people. People work at ASIC because they believe in the public interest, and they are committed to the highest levels on integrity.”

The defensive comments come as the corporate watchdog prepares to face a Senate inquiry over its handling of reported misconduct by former Commonwealth Financial Planning advisers.