“If we can achieve this then we will have gone a long way for Australians to have trust and confidence in the financial system- something that is not only what Australians deserve but what is their right.”
The Australian Securities and Investments Commission, as ASIC is formally known, was itself censured by Kenneth Hayne, the QC who chaired the Royal Commission into Misconduct into the Banking, Superannuation and Financial Services Industry.
Hayne’s findings included accusations that ASIC and fellow regulator, the Australian Prudential Regulation Authority, weren’t sufficiently aggressive in pursuing financial institutions involved in wrongdoing through legal avenues and were too keen to accept institutions’ undertakings to clean up their act.