We will ‘learn’ from inquiry, says ASIC

In a statement released after the report was tabled yesterday, ASIC said it would "carefully consider" the Senate's report.

ASIC chair Greg Medcraft said ASIC has used the inquiry process to learn from the people who made submissions, "take a close look at how we do things, and then act on all this to do a better job".

"ASIC has taken this inquiry very seriously, making five submissions, testifying twice and responding to hundreds of Questions on Notice," said Mr Medcraft.

"The inquiry has received more than 450 submissions from industry groups, academics, companies and individual Australians and all have had their say about ASIC. ASIC has read every submission and listened to all testimonies," he said.

However, because the committee's report is "to the government", the regulator said it will not be commenting on the policy recommendations.

ASIC noted neverthelss that some of the recommendations were directed at its procedures.

"ASIC has already made several changes, including our handling of whistleblowers; increased transparency of our processes; mechanisms to identify emerging risks; and the way we ensure enforceable undertakings deliver good results for consumers," said ASIC.

"We also note that some recommendations – such as registration of financial advisers, raising adviser standards, higher penalties and a user pays funding model – are issues ASIC has suggested in its submission to the Financial System Inquiry," said Mr Medcraft.

"ASIC takes its accountability to the parliament very seriously and testifies seven times a year before the Parliamentary Joint Committee on Financial Services and the Senate Economics Committee," he said.

"ASIC will continue to do the best job we can with the resources we have. And we will achieve this through our excellent staff – the men and women who work here for good reason, and that is because they believe in the public interest," said Mr Medcraft.