ASIC report a missed opportunity

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Over the last two years, the Economic References inquiry has received a significant amount of evidence that could have addressed community concerns with ASIC.  

  

Unfortunately, the Final Report is a missed opportunity to genuinely improve ASIC and has reduced this evidence and engagement to little more than a headline grab.   

  

This simplifying of complex issues detracts from the practical improvements to ASIC, suggested by involved witnesses throughout the Inquiry.  

  

Regrettably, Government Senators were provided just 24 hours to review, consider, and respond to the Chair’s report before its adoption.  

 

Bipartisanship is essential to progress any lasting reforms to our important economic institutions.   

  

Government Senators in Additional Comments have reiterated evidence to this inquiry that could improve ASIC from today, including:   

  

  • Boosting ASIC’s campaign approach to enforcement in its thematic reviews;  
  • An enhanced role of professional bodies in education, enforcement, and the reporting of misconduct; and    
  • Utilising the coming Statement of Expectations to guide high standards of enforcement and consumer protection at ASIC.  

  

Quotes attributable to Senator Walsh:  

  

“The Chair’s recommendations have overshot the mark and completely missed an opportunity for bipartisan support.”  

 

“There is room for improvement at ASIC, so it’s a shame sensible reforms that could be implemented immediately have been overlooked.  

  

“The inquiry received useful evidence and suggestions from stakeholders that could have been a genuine opportunity to improve ASIC. Unfortunately, these have largely been ignored in the Chair’s report, favouring a headline grab instead.”  

  

ENDS  

  

Media contact for Senator Walsh: Riley Geary – 0402 261 235