The Australian Senate has voted unanimously to launch an inquiry into the Australian Securities and Investments Commission (ASIC) following revelations that the regulator took 16 months to act on information from whistleblowers that suggested serious misconduct inside the Commonwealth Bank (CBA) financial planning unit.
The inquiry’s terms of reference include an examination of corporations legislation and whether it needs to be changed; a review of the accountability of the regulator; the effectiveness of its complaints management policies and practices and its approach to whistleblowers.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"ASIC welcomes any inquiry that might unfold and looks forward to the opportunity of providing the inquiry with information on what we do and what we seek to achieve," an ASIC spokesperson said.
Fairfax Media was first to report that ASIC took 16 months to act on information from former CBA financial planner Jeff Morris, along with several other bank employees, about fellow financial planner Don Nguyen in October 2008.
Morris left the bank earlier this year and decided to go public to warn about the perils of being an ASIC whistleblower.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
