The taskforce was created to strengthen ASIC by examining the regulator’s enforcement regime to ensure it is able to “deter misconduct and foster consumer confidence in the financial system”, the Treasury said.
“The taskforce will assess the suitability of the existing regulatory tools available to ASIC to perform its functions adequately, whether there is a need to strengthen ASIC’s enforcement toolkit and if so, what that might look like,” said Minister for Revenue and Financial Services Kelly O’Dwyer.
The taskforce will be led by a panel consisting of members of the Treasury, ASIC, the Attorney-General’s Department and the office of the Commonwealth Director of Public Prosecutions, and will be supported by an “expert group” comprised of representatives from industry bodies, consumer groups and academics.
“The taskforce will report to the Government in 2017 with specific recommendations on whether and what reforms should be progressed to best enhance ASIC’s enforcement regime,” Ms O’Dwyer said.
“The Government is committed to ensuring that ASIC has the powers it needs to protect consumers and perform its functions as Australia’s corporate, markets and financial services regulator.”
The terms of reference state the ASIC Enforcement Review Taskforce will examine the adequacy of civil and criminal penalties, bans on offenders, notification frameworks and more, and the Treasury said these terms would allow for a “thorough but targeted” review of the current ‘toolkit’.
I would like the Review Panel to consider how to also review the conduct of the ASIC and staff therein who misuse and abuse their authority, breach their own rules of Conduct, culture and do not consider themselves accountable to the Australian Public of the ASIC when false accusations are made and Personal threats are made against lawful AFSL holders who have never breached the rules.