Senate committee recommends major overhaul for corporate watchdog, splitting ASIC into two new regulators
Senate committee recommends major overhaul for corporate watchdog, splitting ASIC into two new regulators
www.abc.net.au Senate committee recommends major overhaul for corporate watchdog, splitting ASIC into two new regulators
Australia's corporate watchdog, ASIC, isn't prosecuting enough white-collar crime and can't perform its full range of duties, so a Senate committee has recommended it split into two new, more streamlined regulators.
- In short: A Senate committee recommends ASIC be split up, to create a corporations regulator and a financial services regulator.
- Key findings of the report include a "bad culture" at the corporate watchdog, and a sprawling bureaucracy that is unable to prosecute white-collar crime.
- What's next? Committee chair Andrew Bragg says its unlikely the recommendations will be adopted in this term of government.
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2 regulators so they can ague between themselves, pass the buck and blame the other when nothing is happening. Everyone gets their own little fiefdom