ASIC rejects Medcraft Senate inquiry no-show

The Australian Securities and Investments Commission (ASIC) has batted back suggestions that its chair Greg Medcraft would not testify at the Senate Inquiry into the regulator’s actions. 

In a brief statement released to media by ASIC, Medcraft stated he would testify in person at the Senate Inquiry and that “this has always been the case”. 

“This is an important inquiry to which ASIC has devoted substantial resources and made four major submissions. I can guarantee that I will be there to testify. Inquiries like this are all part of ASIC’s accountability to the Parliament, and that is something I take very seriously,” Medcraft said in the statement to media. 

The issuing of the statement follows a number of reports in Fairfax media questioning Medcraft’s overseas travel and availability to front the inquiry. The most recent reports stated Medcraft’s travel arrangements to an International Organization of Securities Commissions (IOSCO) meeting in Malaysia, which begins on Febuary 19, would conflict with the opening of the Senate Inquiry on February 17. 

In January ASIC released a schedule of Medcraft’s travel which lists him travelling to IOSCO meeting, of which he is chair, in January, February and June of this year. 

ASIC has ramped up its media presence and engagement since the announcement of the Senate Inquiry writing to newspapers on six occasions in the December to early February period to challenge or correct statements made about the regulator. 

It has also released a number of videos by Medcraft defending the track record of the regulator and has made four submissions to the Senate Inquiry. These detailed its actions against Commonwealth Financial Planning and made responses to claims against ASIC in other submissions while also suggesting reforms to the credit industry.