Australia's corporate regulator has long been widely seen as weak and ineffectual. Will this week's Senate report spur a break with its chequered past?
The Senate 's report into ASIC is as scathing as it is overdue for a regulator that's been failing for decades Bernie Madoff died in a North Carolina medical centre attached to Butner, a US federal prison known for housing inmates with chronic health conditions, just three years ago.
a parliamentary inquiry recommended a radical overhaul of our corporate regulator, the Australian Securities and Investments CommissionASIC's failures have been well documented over the past 25 years, most recently by former High Court justice Kenneth Hayne in his royal commission into banking misconduct.
Despite what would usually be referred to as theft outside the financial world, no-one faced charges and the organisation was never even subjected to a civil damages case.The Australian Securities and Investments Commission is timid and slow and was once described as "a haven for white-collar crime". A parliamentary inquiry due this week is expected to be brutal in its assessment of the regulator.
For an organisation so heavily populated by corporate lawyers and accountants, its failures were stunning. But perhaps that was part of the problem. "I am inclined to think that the penalty sought by ASIC is on the low side, having regard to the cases to which I have been referred," he told the pair.Several years earlier, alleged comedian and former Telstra director Steve Vizard struck a deal with ASIC over his use of confidential Telstra information.
It was replaced by an organisation populated by industry insiders that, over the decades since, has concentrated on backroom dealings away from the legal system, which may have saved it money but done little for delivering justice.
Australian Securities And Investments Commission Andrew Bragg Senate Inquiry Joe Longo White Collar Crime Bernie Madoff Storm Financial Onetel Steve Vizard AMP Kenneth Hayne Banking Royal Commission
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