ANZ sings ASIC’s praises

ANZ Banking Group is the only major market participant which did not identify any issues with the workings of the Australian Securities and Investments Commission (ASIC), according to its submission to the Senate inquiry. 

The bank has posted a submission to the Senate Economics Committee’s inquiry into ASIC’s performance, but deemed it inappropriate to comment on the actual performance of the regulator regarding enforcement or its relationship with other government bodies, which was one of the main terms of reference of the inquiry. 

So far most industry bodies and significant market players have submitted their response to the inquiry by mainly expressing concerns around ASIC’s resourcing, funding model and efficiency. 

However, ANZ found dealing with the regulator was “positive and professional”. 

“ANZ believes that ASIC operates with a high level of integrity and focus on the public interest,” the submission read, though the group did acknowledge the two entities might have differing views on regulatory interpretation or how the balance should be struck between consumer interests and efficient market outcomes. 

“ANZ wishes to acknowledge that ASIC works constructively and positively with ANZ and industry to implement many areas of new regulation or programs which manifestly improve consumer and market outcomes.” 

The banking group also used its submission to explain its role - or lack thereof - in some of the major corporate collapses such as Storm Financial, Opes Prime and Trio Capital.

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