D'Aloisio defends ASIC's reactive role
|
|
The chairman of the Australian Securities and Investments Commission (ASIC), Tony D’Aloisio, has defended the role of the corporate regulator, arguing that its role is not to prevent losses or failures but to enforce the law, clean up the mess and punish wrongdoers.
D’Aloisio used a speech in Brisbane to acknowledge that many people suggested ASIC should prevent losses or failures, but said this was not consistent with the regulator’s legislated responsibilities, which were limited and focused on oversight and enforcement.
Likening ASIC’s role to that of a road traffic authority, D’Aloisio said: “Basically, ASIC oversees and enforces the laws and couples that with extensive work to guide and educate those who travel on the roads”.
“Unfortunately, accidents still happen,” he said. “When they do, we turn up at the scene, we clear the mess, we care for the injured and we punish the wrongdoers.”
However, D’Aloisio said ASIC also used its resources to look for dangers, to determine where accidents might happen and to fix them ahead of time.
“But it is simply not the intention of the Act, and consequently ASIC is not resourced to be on every road and at every intersection,” he said.
AUTHOR
Mike Taylor
Recommended for you
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
Former deputy CEO of AMP Capital, David Atkin, has announced he will be returning to Australia after stepping down as chief executive of the Principles for Responsible Investment organisation.
A global Morgan Stanley report has found 83 per cent of Asia-Pacific individual investors would select a financial adviser based on their sustainable investment offerings, and are most understanding of how ESG can boost returns.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
