ASIC to get more muscle
Nick Sherry
After 17 years with three commissioners, the Australian Securities and Investments Commission (ASIC) will have its numbers increased to five, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced today.
ASIC has had three commissioners since its predecessor, the Australian Securities Commission (ASC), began operation in 1991.
“[The] extra commissioners will strengthen ASIC’s ability to enforce the law,” Senator Sherry said.
ASIC currently has over 1,600 employees and offices in each capital city. However, a recent internal review found that it needed to broaden its skills and geographical spread, he said.
The review also found that during the 17 years since the creation of the ASC its responsibilities have changed considerably.
“By approving two additional commissioners, we’re recognising that the nature and complexity of the issues ASIC deals with requires added executive level involvement and input, as well as greater geographical reach into growth centres like Perth and Brisbane,” Senator Sherry said.
ASIC has faced criticism recently from some sectors of the financial services industry and media that its number of successful serious prosecutions has fallen.
The two new commissioners will join the chairman and commissioner, Tony D’Aloisio, and commissioners Jeremy Cooper and Belinda Gibson.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
