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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Nov 2018ClearView launches dealer services offerBy Adrian Flores
- 19 Nov 2018Lonsec introduces super research to advisersBy Sarah Simpkins
- 19 Nov 2018FASEA releases standards blueprintBy Eliot Hastie
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- view all