The Government on Fri 24.10.2014, released its response to the 61 recommendations of the Report of the Senate Economics Committee inquiry into the performance of ASIC.
Acting Assistant Treasurer Senator Mathias Cormann said ASIC had agreed to establish an Office of the Whistleblower within ASIC to improve the way it deals with whistleblowers.
ASIC has also started to improve its communications and enhanced transparency, by revamping its website to make it more accessible.
The Government’s responses to the Committee Report include:
- The Report’s recommendations relating to the regulatory framework, including the role, objectives and funding of ASIC will be considered as part of the Government’s broader response to the Financial System Inquiry (FSI).
- In relation to the sustainable resourcing of ASIC into the future, the Government is also considering a proposal put forward by ASIC to introduce a cost recovery model in line with arrangements in place in other relevant jurisdictions around the world.
- The Government does not accept the recommendation to establish a Royal Commission into the Commonwealth Bank.
- Senator Cormann said the Government’s industry working group on the establishment of the ASIC Register of Financial Advisers will also carefully consider the Senate Committee’s recommendations in relation to the proposed introduction of a national exam, continuous professional development requirements and the requirement for financial advisers to hold a relevant degree qualification.
[LTN 206, 24/10/14]