Call for judicial inquiry into regulators’ powers
The Rule of Law Institute of Australia (RLIA) has formally called for a judicial inquiry into the coercive powers utilised by Australia’s financial services regulators — the Australian Taxation Office (ATO), the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission (ASIC).
The chief executive of the institute, Richard Gilbert said the need for a judicial inquiry had been highlighted by reports of a Federal Police raid on the home of actor Paul Hogan’s financial adviser.
He said the media reports which suggested that 10 armed police had raided the adviser’s home and disturbed his wife and children were very concerning and warranted a judicial inquiry.
Gilbert said that the president of the institute, Robin Speed, had written expressing similar concerns.
The call for the judicial inquiry into the use of coercive powers has come just weeks after the RLIA expressed concern at ASIC’s use of similar powers to demand the principals of financial planning dealer groups complete an extensive survey earlier this year.
Gilbert said the actions of the ATO and the Federal Police demanded scrutiny of the powers held by the regulators and how they are being used.
AUTHOR
Mike Taylor
Recommended for you
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
Stakeholders in the professional year discussion underscore the challenges in the current pipeline and what is holding back licensees from taking on new candidates.
Colonial First State has partnered with JP Morgan Asset Management to make its inaugural private equity allocation, continuing the firm’s expansion into unlisted asset classes.
