ASIC accused of obstructing Senate Committee
The Australian Securities and Investments Commission (ASIC) has been accused of “obstruction and obfuscation” for failing to comply with a Senate order to produce documents.
NSW Liberal Senator and chair of the Senate Economic References Committee, Andrew Bragg has issued a statement highly critical of ASIC and of the Treasurer, Jim Chalmers and Assistant Treasurer, Stephen Jones, over the failure to produce the documents.
Speaking to Financial Newswire, Bragg said that the documents in question related to, amongst other things ASIC’s investigation into allegations of insider trading within superannuation funds, Nuix and ALS Gold.
He said he was particularly concerned that the regulator was continuing to claim public interest immunity notwithstanding the fact ASIC’s investigations were supposed complete.
He suggested that both the Treasurer and Jones could have facilitated production of the documents.
“It is disappointing, but not surprising that ASIC has not complied with a unanimous order of the Senate for the production of documents,” Bragg’s formal statement said. “ASIC has not met our expectations.”
“As representatives, we cannot do our jobs if the agencies, for which we conduct oversight, are permitted to treat Parliament with contempt.”
“As it stands, the Senate cannot conduct its inquiry without access to ASIC’s case files. We are unable to complete with our terms of reference. This is a serious undermining of the Senate’s role and its investigative powers.”
“Regrettably, the Executive Government appears to be increasingly complicit in the obstruction,” Bragg’s statement said. “We will now consider any and all options to continue our work.”
ASIC – is a dog that needs to be put back on a leash.
A corrupt do at that.
“dog”
Bragg for PM!!
So who is ASIC actually accountable to? They bury investigations into the conduct of their senior staff, they refuse to answer questions or provide documents to the Parliament, their CEO steals money from the public purse to pay personal expenses, they investigate 1% of cases raised with them, they stand by idly when serious fraud cases are brought to their attention which ultimately cause serious consumer harm, they are openly biased in their lack of interest in investigating breaches by industry funds, they use the adviser levy as an open cheque book with no accountability, I could go on. If an adviser did one of these things they would be named, shamed, banned, fined and jailed. It’s time that ASIC be held to the same standards they vigorously hold everyone else to. It’s now time for a Royal Commission.
About the only ones held to account by ASIC are Real Advisers.
No institution like banks etc get anything done to people who cause the massive problems, FFNS theft, etc, it’s only ever just a fine paid for via shareholders.
Finfluencers, unlicensed advisers etc rarely get touched.
Check out 4 Corners this week on Phenix building companies ASIC are told about for 10 years and do NOTHING !!!!
Of course ISA are an ASIC protected species.
ASIC ARE CORRUPT, GENERALLY USELESS AND THE FOCUS TO KILL REAL ADVISERS IS QUITE BIZARE WHEN THERE ARE SO MANY REAL CRIMES & CRIMINALS THEY SHOULD
BE CHASING.
Clean the ASIC swamp out starting with Ms Press, she has some weird evil vendetta against Real Advisers and she must be stopped.
ASIC needs to be split into at least two organisations. One to take care of administrative matters such as managing it’s various registers, and the other to undertake investigations.
And what’s more, once those investigations are complete ALL documentation should be handed to the public prosecutor for further action.
At present it has far too many powers and has obviously succumbed to hubris.
No more.
I completely disagree Sue. They should have NOTHING to do with any of the financial services advice industry in totallity. They can keep product but advice needs regulatory revolution not evolution. They are so structurally biased, lacking integrity and generally incompetent that we need to throw the baby out with the bath water and start again.
A professional standards board, with teeth, primarily staffed by sitting or ex advisers. Remove S7 of the Corps Act entirely, scrap the FASEA garbage and rewrite from scratch and then hold all advisers to a high professional standard.
Except the newest, soon to be released Back Packer Call Centre Jockey Non Relevant, uneducated, unqualified, unlicensed and unregulated ISA sales forces / advisers.
They can provide full Advice, collective charged via Hidden Commissions, No ASIC levy, No AFCA rego, No SoAs, No FARSEA code and thus NO WUCKEN FURRIES
What, you mean common sense? We all know that won’t happen with regards to a professional standards board, although we also know this would be the best decision. In addition they can scrap having to be licensed under an AFSL for qualified advisers, if there were a professional standards board. Save the AFSL structure for the Super funds and other “advice” call centres, so at least there is oversight of their activities.
Perhaps senior ASIC people should stick to their not for profit animal farm. Maybe they have more control there!