ASIC and its leadership structure under Parliamentary scrutiny
The future leadership structure of the Australian Securities and Investments Commission (ASIC) and the circumstances behind the expenses issue confronting its chair, James Shipton will be scrutinised by a key parliamentary committee today.
The Parliamentary Joint Committee on Corporations and Financial Services will be sitting to hear submissions from academic experts on “the optimal organisational structure for regulators”.
Commenting on today’s hearing, the Committee chair, Senator James Paterson said it represented “an opportunity for the committee to hear from experts about ASIC’s leadership structure and alternatives to ensure we have a high-performing regulator which enjoys the trust and confidence of Australians”.
Lined up to give evidence to the committee today are the Australian National Audit Office which is expected to be quizzed on how it identified the issues around Shipton’s expenses and those of his deputy, Daniel Crennan QC, as well former Australian Competition and Consumer Commission head, Professor Graeme Samuel, National Competition Policy Review chair, Professor Fred Hilmer and economist and academic, Professor Ian harper.
The Committee is also scheduled to spend a significant part of its hearing interrogating senior ASIC representatives.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
