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”.
AUTHOR
Mike Taylor
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
