Senate’s ASIC review will be wide-ranging
The Senate Committee reviewing the Australian Securities and Investments Commission (ASIC) will not confine itself to the events which led to the 2011 Commonwealth Financial Planning enforceable undertaking but will also examine other issues such as the collapse of Storm Financial and Trio/Astarra.
The committee chairman, Tasmanian Liberal Senator, David Bushby has confirmed to Money Management that the committee would be looking at a broad range of issues and how they had been handled by the regulator.
“The terms of reference clearly and intentionally allow a much broader examination and we will be welcoming submissions on all aspects of ASIC and its performance that fall within those terms,” he said.
Asked whether there would be scope for other issues pertaining to ASIC’s approach to be raised, including its execution of policy issues, Bushby said he suspected the committee would be prepared to hear submissions along those lines.
ASIC yesterday, via Twitter, said it welcomed the Senate Committee review and the opportunity to explain its activities.
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