Govt accused of breaching own rules


The Federal Treasurer, Wayne Swan, has been accused of breaching the Government’s own guidelines on “transparent and merit-based selection” when appointing the new chairmen of the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC).
The Opposition spokesman on Financial Services, Senator Mathias Cormann (pictured), said the Government had confirmed to a Senate estimates committee hearing that neither of the positions had been advertised according to the guidelines for such appointments.
Cormann said the Coalition was not reflecting on the merits of the men appointed to chair ASIC and the ACCC – Greg Medcraft and Rod Sims, respectively – but believed the inadequate processes had been followed in breach of the Government’s pre-election commitments and its own guidelines.
He said the Labor Government’s promise to strengthen transparency and merit-based selection was “not worth the paper it was written on”.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.