Australian Securities and Investments Commission (ASIC) staff are likely to be paid at financial services market rates under the industry funding arrangements which will see them moved out of the Australian Public Service, according to outgoing ASIC chair, Greg Medcraft.
Medcraft, who will shortly end his tenure as chair, has used an address to the West Australian Chamber of Commerce and Industry to take ownership of the change to ASIC’s funding model and its consequences.
What is more, he said ASIC’s exit from the Australian Public Service would see the regulator’s staff “appropriately compensated in a competitive market”.
He said the implementation of industry funding represented a big part of positioning ASIC for the future and that it was his view that those who generate the need for regulation should pay for it.
“So the industry funding model will bring fundamental changes to the way ASIC operates but crucially, provides a price signal for the use of our resources,” Medcraft said. “This has been a long campaign and one of which I am particularly proud.”
On the question of ASIC losing its public service, the ASIC chair said the Government had announced it would be introducing legislation to make it happen.
“This is another change we have campaigned for,” he said. “It will increase our flexibility in ensuring staff are appropriately compensated in a competitive market. Very few of our staff are recruited from the public service.”
Comments
Seriously? These incompetent clowns are doing all they can to reduce our sources of remuneration, but when it suits them, utilise our rates to better remunerate themselves with - wait for it, here's the punchline - the fees we're forced to pay them! Does anyone else see the ludicrous irony in this statement from the departing king of incompetence, hyperbole and bs?
I thought the extra funding was to be able to hire more people to do more work, not for pay rises! So Medcraft has granted a payrise to the Banks/Insurers and been granted extra funding for ASIC all on the back of the flawed LIF by crucifying Advisers. Nice money spinner!
These incompetent clowns have just got it completely wrong in the insurance review of 200 files causing the LIF and then had to admit that churn actually isn't an industry issue after proper research post the LIF causing the future loss of mum and dads being able to access affordable risk advice and the loss of thousands of honest risk adviser businesses whilst at the same time letting off the execs of banks and insurers in scandal after scandal. And now they want to use the funding model to pay themselves higher salaries.
You couldn't write this comedy of corruption!
I would suggest they use the funding model to go over to New Zealand and be trained in how to do their jobs properly.
The same Greg Medcraft who has spent countless hundreds of thousands of dollars on overseas junkets over the last few years and delivered nothing of note.
Hope they lose their defined benefit super schemes and 17.5% contributions and have to reply on "normal" super funds and rules like everyone else.
Add new comment