The Australian Securities and Investments Commission will face a two-year Senate inquiry into its handling of complaints
“The Hayne Royal Commission on the Financial Sector produced vast amounts of evidence highlighting the failures of ASIC. Too many Australians have been hurt by his continued failure to uphold the law,” he said.
“It’s time to take a closer look at ASIC’s track record and enforcement ability. ASIC must improve in its sole law enforcement work or the integrity of our financial system is at risk.
“In establishing this new inquiry, the Senate is supporting consumers and small businesses. This survey will give Australians a voice.
Adams said he was pleased that the Senate supported the investigation, adding that he needed to get to the bottom of ASIC’s handling of complaints from the public and whistleblowers.
“It is critical to understand why ASIC opened 53% fewer formal investigations in 2021-22 compared to 2014-15, even though it has more staff and financial resources,” he said. he declares.
“Furthermore, it is profound that 91% of whistleblower disclosures on average are rejected by ASIC. This makes a mockery of the whistleblower public policy regime and gives whistleblowers little confidence potential for exposing corruption in Australia.
But Deputy Treasurer Stephen Jones said the investigation made little sense given the number of avenues through which complaints about ASIC could be pursued.
He said ASIC already faces both Senate estimate hearings and an ongoing oversight committee.
Jones will likely ask the Senate to overturn the decision, but it is unlikely to succeed because the investigation was backed by 43 to 20 votes.
“Whether you’re an ASIC fan or an ASIC critic, it just doesn’t make sense,” he said.
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