Assistant Treasurer Josh Frydenberg has announced the federal government has commissioned a review to look into the capabilities of the corporate regulator.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Oct 2017Shipton ‘most qualified’ for ASIC role: O’DwyerBy Aleks Vickovich and Jessica Yun
- 17 Oct 2017Government names new ASIC chairBy Staff Reporter
- 17 Oct 2017Elders signs new practiceBy Staff Reporter
- 17 Oct 2017ANZ to offload dealer groups to IOOFBy Killian Plastow
- 16 Oct 2017ATO anti-adviser bias called outBy Aleks Vickovich
- 16 Oct 2017Sentinel Private Wealth enters enforceable undertakingBy Staff Reporter
- view all