The final report of the Senate Inquiry into the Australian Securities and Investment Commission (ASIC) has just been released. It makes the following points:

  • It is extremely critical of the performance of ASIC in failing to protect consumers defrauded by financial institutions and planners, the way it conducts investigations, and the lack of sufficient protections for whistleblowers.
  • It makes wide-ranging recommendations with reference to RoLIA’s submission to the Inquiry in relation to those issues and for a Royal Commission into the fraudulent activities undercover of the Commonwealth Bank .
  • The Inquiry was the result of pressure from whistleblowers and investigative journalists, demonstrating the vital role they play in promoting the rule of law in Australia.

RoLIA will be keeping a close eye on the Government’s response to the Report and Recommendations.

Some further reading on the Inquiry into ASIC and media responses:

  • Inquiry into the Performance of the Australian Securities and Investments Commission, Australian Parliament House website, link
  • ASIC statement on Senate Economics Committee Report, ASIC website, link
  • CBA Acknowledges Senate Committee Report and Dissenting Report into the Performance of ASIC, Commonwealth Bank website, link
  • Banking Bad, ABC Four Corners, link
  • Commonwealth Bank facing royal commission call after Senate financial planning inquiry, Sydney Morning Herald, link
  • Senate inquiry demands royal commission into Commonwealth Bank, ASIC, ABC News, link
  • Financial victim offers pray for a righting of CBA wrong, The Age, link
  • Dead man’s family beats CBA from the graveside over failed cover, Sydney Morning Herald, link
  • Call for Commonwealth Bank, ASIC to face Royal Commission, The Conversation, link
  • Inquiry calls for changes to ASIC, CBA, The Australian ($), link