A new inquiry has been commissioned by the Senate into the Australian Securities and Investments Commission (ASIC) and its ability to investigate misconduct allegations.
The inquiry, which now welcomes submission, will examine ASIC’s capacity and capability to commence a proportionate investigation and enforcement action stemming from reports of alleged misconduct, according to the agreed terms released by the parliamentary joint committee on corporations and financial services last week.
“In undertaking this inquiry, the committee will deliver on its statutory duty and consider whether ASIC’s policies and systems are meeting the threshold expected of it,” a statement from the committee said.
“As Australia’s corporate, markets and financial services regulator, ASIC is entrusted with the responsibility of ensuring that Australia’s financial markets are fair and transparent, within which all participants engage lawfully,” the committee added.
Senator Andrew Bragg took to Twitter on Wednesday to announce that the Senate Economics References Committee is now welcoming submissions.
“We’ve opened submissions into the ASIC inquiry which the Senate commissioned last week. Now, we want to hear from you, we want to know if you’ve had a bad experience with ASIC. We want to know if you have ideas on how ASIC can be improved,” Senator Bragg said.
“This is very important because we need to have a country where the corporate regulator works for all the people, that it works to enforce the law for consumers and for small businesses,” Mr Bragg continued.
Evidence for ASIC’s failures was first highlighted by the Hayne royal commission.
The inquiry into ASIC is also commencing as the Parliament considers new legislation to establish a compensation scheme of last resort.
Submissions are open until 3 February.
What about the Australian Charities and not for profit Commission. Just as slow and never reply.
How is it that ASIC took unto themselves to define evidence of a Service being delivered as a “product switch” and the production of a ROA. Whilst other services such as driving to a Hospital and applying for an Disability Pension, or helping them make a claim, is NOT a service. Because of that we’ve had look back programs going back 10 years, and a whole lot of bad legislation based on ASIC interpretation of the corps law. The bottom line is that the system is not FAIR, not Transparent. In fact ASIC are corrupt, they are the Nazi party and we’re the Gays, the black people and the Jews and they want to exterminate rodent Advisers. I have no faith in there the system and it’s a system I no longer follow because they are the enemy of Australians and the last remaining advisers that actually did good.
asic staff should not be paid bonuses, it is an SOE responsible to the taxpayer and government, not a profit seeking enterprise.
Query to FPA – will you be circulating a submission to your members for input?
Maybe fix up their funding system… small business financial advisers have had to pay over $140m over the past 4 years through the ASIC levy, to cover the cost of ASIC enforcement work on the big banks and their failings. Then when ASIC win their case against them in court, the winnings goes into consolidated revenue. 1st question, Can I have my money back please. 2nd, if I cant get my money back, the banks owe us $140m before they re enter the industry (which i’m certain they are looking at right now)
Every adviser needs to make a submission on how ridiculous it is that we have to fund ASIC’s regulation costs with no ceiling or offset when asic wins a case.