ASIC chairman frustrated by slow courts
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."
Recommended for you
With Insignia shares up 32 per cent in the past month and the firm enacting a five-year growth plan, Morningstar believes the two recent acquisition bids from private equity firms demonstrate the company is undervalued.
As financial advisers enter the new year, Assured Support shares eight strategies to help advice businesses thrive through focused and consistent planning.
Insignia Financial has received a takeover bid from a second US firm, topping Bain Capital’s offer with a bid of $4.30 per share.
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
