The Australian Securities and Investments Commission (ASIC) has been placed on notice by the Federal Treasurer that given the level of increased resourcing it has received the Government expects that it will be an active cop on the beat.
Speaking to newsmen on Friday, the Federal Treasurer, Scott Morrison defended the Government’s position on the Royal Commission into Banking, Superannuation and Financial Services and pointed to the amount of resourcing which had been provided to the financial services regulators, particularly ASIC.
He said the Government had increased both ASIC’s powers and resources.
“Two years ago, we increased their resources by over $120 million and we have changed the chair of ASIC,” he said. “We have a new chair, James Shipton, a Victorian.”
Morrison said Shipton was in the process now of now coming back to Treasury and seeing what additional support he needed.
“We will also be very mindful of what the interim report of the Royal Commission may suggest at that time. We want to be available to respond in an appropriate way at that time,” the Treasury said.
“But it really is for ASIC as the cop on the beat here to be out there enforcing the rules and the powers,” Morrison said. “Let’s not forget we have just increased the gaol time from five years to ten years. We are increasing the penalties here to $1 million or thereabouts for an individual and over potentially $200 million for these institutions.”
“So, the additional powers and penalties and resources we are putting in to address this is something we have been doing now for years and years. So, we have been acting and the Labor party have been playing politics. We have been acting.”
