ASIC defends use of outside expertise
The Australian Securities and Investments Commission (ASIC) has defended its use of experts seconded from the financial services industry, arguing that such arrangements are subject to robust procedures.
The regulator has found itself defending such practices amid continuing media reporting around the regulatory relief it provided with respect to the development of online calculators around 10 years ago.
The ASIC statement follows on from the regulator's earlier denial that providing relief for the online calculators served to compromise its regulatory position.
However on the question of the regulator having drawn on the expertise of people actually working in the financial services industry, ASIC made clear that it was simply following precedent and practice.
"On the issue of secondees, ASIC, in common with practice of regulators around the world, seconds industry and other experts to utilise their skill and augment its knowledge and expertise," it said.
The ASIC statement said the secondments were "subject to robust conflict management procedures".
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