Regulators urged be more transparent
The Tasmanian Liberal Senator who found himself at odds with the Australian Prudential Regulation Authority when it declined to answer specific questions regarding its handling of MTAA Super has welcomed a move by the Australian Securities and Investments Commission (ASIC) to offer more transparency.
Senator David Bushby said he would be encouraging other regulatory agencies to follow the example of ASIC, after the financial service and markets regulator said it would publish details of its compulsory information gathering powers on its website, providing an explanation of the nature of its use of coercive powers.
The push for regulators to become more transparent was also pursued by the Rule of Law Institute.
"Ensuring the public has absolute confidence in ASIC using these sweeping powers appropriately is an issue I've been pursuing for about three years, and I welcome this development," Bushby said.
"This is a significant step forward in guaranteeing our regulators - which have an important role to play to ensure our markets and commercial activities operate with integrity and comply with the law - are accountable for their own actions," he said.
Senator Bushby said he would be encouraging other regulatory agencies to follow suit.
"The public deserves to know the extent of our regulators' powers," he said.
AUTHOR
Mike Taylor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
