ASIC admits scrutinising Senate Inquiry submissions
The Australian Securities and Investments Commission (ASIC) has revealed that it has examined all the submissions lodged with a Senate Inquiry into its operations, many of which have been highly critical of the regulator.
ASIC chairman Greg Medcraft has told a Senate Estimates Committee hearing that the regulator had examined the submissions in a bid to understand any complaints about its performance and to identify “how we can do a better job”.
The Senate Inquiry into the operations and performance of ASIC has received more than 200 submissions, a number of which have been kept confidential and many of which have been highly critical of ASIC’s performance.
Medcraft told today’s Senate Estimates Committee that ASIC had provided the Senate Inquiry with three submissions, the most recent of which had included a proposal for a national financial adviser exam aimed at raising general levels of competencies.
As well, he outlined the number of bannings and enforceable undertakings which had been imposed by the regulator.
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