Liberal Senator Andrew Bragg in the Senate chamber at Parliament House in Canberra, Tuesday, August 1, 2023. Source: AAP Image/Mick Tsikas.
The federal government should consider splitting the Australian Securities and Investments Commission (ASIC) in two while dramatically increasing its ability to penalise white-collar crooks, according to a scathing Senate committee report.
The Senate Economics References Committee handed down its view on ASIC investigations and enforcement on Thursday, arguing the “centrepiece” of Australia’s corporate regulatory environment is spread too thin to be effective.
It calls on the federal government to recognise ASIC has “failed to fulfil its regulatory remit”.
Small businesses earned a special mention: without stronger resourcing and enforcement, small business allegations of misconduct against big-time corporations and financial institutions could go unexamined or unpunished, the Committee argued.
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