“Not a good look” Senator tells ASIC
The Australian Securities and Investments Commission (ASIC) has declined to immediately disclose to a Parliamentary Committee whether and the circumstances around which an ASIC commissioner has been investigated under the Commonwealth Public Governance, Performance and Accountability Act (PGPA Act).
Facing Senate Estimates, ASIC acknowledged that a former ASIC chair had been subject to an investigation under the PGPA Act, but declined to immediately answer and took on notice questions around whether another instance had occurred related to a serving commissioner.
NSW Liberal Senator, Andrew Bragg, asked ASIC executives appearing before the Senate Economics Committee whether it was true that they were taking on notice whether there had been investigations or inquiries over the past two years.
“The question is whether any of the ASIC commissioners had any PGPA Act investigations into their conduct in the past two years,” Bragg said.
ASIC counsel, Chris Savundra asked Bragg to clarify what section of the Act he was referring to – it’s a large act I want to make sure I answer correctly.
Bragg then asked ASIC chair, Joe Longoe whether he had received any letters from the secretary of the Treasury in relation to any investigations conducted into ASIC Commissioners during Longoe’s tenure.
Longoe said he also wanted to take the question on notice and sought assistance from Savundra who said the regulator wanted to take the question on notice to obtain some advice and consider any claim for confidentiality.
Savundra said that complaints were mad about statutory appointees and ASIC staff all the time and they were dealt with by various people in a confidential manner and the concern about answering it (the question) is that it could unfairly impact a range of people>
He said taking the question on notice would allow ASIC to consider confidentiality and public interest immunity.
Bragg responded that, as the corporate regulator, it was not a good look for ASIC to be appearing to be covering up an inquiry into one of its commissioners.
Later in the day, ASIC deputy chair, Karen Chester issued a statement to the effect that in early 2021 allegations had been made about her.
“Those allegations [were] referred to the Treasury. Treasury undertook and oversaw a very comprehensive investigation, and there were no adverse findings.”
If only ASIC held themselves to the same standards they hold everyone else. If you work for ASIC you can steal taxpayer money, make fraudulent expense claims and have clear conflicts of interests and there is no recourse. All you need to do is get an “independent” friend at another public service department to give you the all clear with no adverse findings. Also they don’t seem to be particularly interested in confidentiality when they are releasing their daily press releases patting themselves on the back for banning another adviser. ASIC is completely corrupt.
Lucky you dotted all your ‘I’d and crossed all your ‘t’s or I’d have to report you in terms of standard 12 of the Farce (intended spelling) Code…