ASIC Senate inquiry a 'wake-up call'

ASIC commissioner Greg Tanzer has said the Senate inquiry into the regulator's performance has been a "wake-up call" for the organisation.

Speaking at the ASIC Annual Forum yesterday, Mr Tanzer noted the difference between how ASIC perceived its handling of the financial planning issues at Commonwealth FP and the public’s perception.

“We thought we did a pretty good job,” Mr Tanzer said, “but clearly a lot of people didn't think we did a good job.

“So that’s a wake-up call that we really need to think about.”

ASIC achieved $50 million worth of compensation for Commonwealth FP investors and put in place significant cultural and organisational change, Mr Tanzer said, adding that while these actions were seen as a “good job” by the regulator, there was still widespread dissatisfaction.

"There have been two things that have come out of the inquiry so far," Mr Tanzer said.

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"The first is that we are not fast enough with our enforcements. The second is that people get angry when we don’t take on their particular case."

Mr Tanzer spoke at yesterday's forum on a panel of ASIC commissioners that included chair Greg Medcraft.

ASIC Senate inquiry a 'wake-up call'
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