The chairman of the Australian Securities and Investments Commission (ASIC), James Shipton has pointed to a 50 per cent increase in enforcement investigations against large financial institutions or their employees as proof that the regulator is “very focused on enforcement and litigation”.
Addressing the Senate Economics Legislation Committee in Canberra late yesterday, Shipton stressed the degree to which ASIC was moving to comply with the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
He said that while the impact of what ASIC was doing would only become evident over time, the regulator was already highly active.
“…as an early indication, since 1 February 2018 there has been:
- a 15 per cent increase in the number of ASIC enforcement investigations on foot, and
- a 50 per cent increase in the number of ASIC enforcement investigations of misconduct by large financial institutions (or their employees or subsidiary companies).
Shipton said that he wanted to underscore one broad point to the Senate Committee – “ASIC is very focused on enforcement and litigation”.
“Corporate Australia should know that ASIC has the very clear will to take wrongdoers to court. As the Royal Commission found, that is what Australians expect of their Regulator. And that is what ASIC will deliver,” he said.