ASIC discloses employment backgrounds of staff

Responding to questions on notice from the House economics committee, ASIC said around 50 per cent of regulatory staff on its 34-person super team had had direct experience in the super industry before working at ASIC.

Staff members had a fairly even spread of experience between industry and retail sectors, with 41 per cent saying they had previously worked at an industry fund and 41 per cent saying they had worked in the retail super sector.

Around 70 per cent of staff with super industry experience said they had worked in another sector of the super industry, such as government or corporate super.

In terms of the overlap between staff who had worked in numerous parts of the super industry, ASIC said 17.6 per cent had worked in industry funds as well as other sectors such as government or corporate, while around 12 per cent had worked in both industry and retail funds.

A further 12 per cent had worked in both industry and retail funds, while another 12 per cent had worked only in retail funds and around 6 per cent had worked only in industry funds.

ASIC said it had not been able to confirm how many of its approximately total 2,300 staff had previously worked in the super sector.