ASIC chairman frustrated by slow courts

chairman/ASIC/compliance/financial-planning/government-and-regulation/commonwealth-financial-planning/australian-securities-and-investments-commission/united-states/

25 November 2013
| By Staff |
image
image
expand image

The chairman of the Australian Securities and Investments Commission (ASIC), Greg Medcraft, has expressed concern at the length of time it takes to have cases reach the courts.

Discussing the issue in evidence to a Senate Estimates Committee hearing, Medcraft reflected upon the amount of time involved in acting against miscreants, including former Commonwealth Financial Planning planners, and suggested the time taken to get matters before the courts in Australia exceeded that of his experience in the US.

"I share your concern about the time it takes to get criminal cases even in front of courts in Australia — sometimes three to five years. I do find it quite amazing how long the process takes," Medcraft said.

"It is an issue we have been pondering," the ASIC chairman said. "As you know, I lived for 10 years in the United States and it gets in front of the courts a hell of a lot quicker than it seems to get in front of the courts in Australia.

"That is something I keep asking: why do we have this issue? At the end of the day you want a quick outcome so that it shows the law works quickly. It is something we are going to visit in the [Senate] inquiry.

"I am just talking as a citizen here, but frankly I would like to see the system being far more streamlined and working far more efficiently — and, if somebody breaks the law, the courts dealing with it far more efficiently," Medcraft said. "Maybe there is not a simple answer there, but I am certainly empathetic with the issue of frustration."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS