ASIC to be questioned over regulatory power

ASIC banks economics tim wilson

14 October 2019
| By Laura Dew |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) is due to appear before the House Economics Committee this Wednesday (16 October) to assess the regulator’s powers with committee chair Tim Wilson MP saying big banks need to ‘fear’ the regulator.

The appearance would be part of a review of the regulator’s performance on how it was implementing the recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Wilson said there were concerns among the committee that ASIC had not ‘adequately penalised’ those it regulated at a time when banks should be fearful of the regulator and its powers had been strengthened, thanks to the Royal Commission.

“A common theme across the Royal Commission was that ASIC needs to take a stronger stance on enforcement. Australians expect the big banks and others to fear their regulator. There were too many examples where ASIC had not adequately penalised those it regulates,” Wilson said.

“Since the committee’s last hearing with ASIC, the government has passed a comprehensive package of legislation that broadens and strengthens ASIC’s powers as well as providing a range of tougher penalties for wrongdoers.”

The committee would discuss issues such as ASIC’s enforcement strategy, supervisory approach, efforts to trust, eliminate conflicts of interest and raise standards of professionalism in Australia’s financial services industry.



 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 21 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 weeks ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

6 days 1 hour ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 4 hours ago