It’s official: ASIC uncoupled from public service

APRA/ASIC/Josh-Frydenberg/regulation/public-service/

19 September 2018
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has been removed from the strictures of the Australian Public Service Act and will be able to employ people on competitive market salaries.

The Treasurer, Josh Frydenberg confirmed that the Parliament had passed the Treasury Laws Amendment (Enhancing ASIC’s Capabilities) Bill 2018 effectively removing the obligation for ASIC to engage staff under the Public Service Act 1999.

He said this meant ASIC would be able to compete more effectively for suitable staff and would also allow the regulator to tailor management and staffing arrangements to suit its needs, ensuring it was fit for purpose to deliver effectively on its mandate.

The Treasurer’s confirmation of passage of the legislation came shortly after he had declared that the regulator had a case to answer for its handling of key issues which had been raised during the Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry, including financial adviser fee for no service.

It also came just ahead of the announcement that ASIC deputy chairman, Peter Kell, would be leaving the organisation.

Frydenberg said the legislative amendment brought ASIC into line with the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia, giving ASIC the ability to attract and retain the most appropriate people, to achieve its short and long-term priorities.

He said the legislation also ensured that ASIC consider the effects that the performance of its functions and the exercise of its powers would have on competition in the financial system.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND