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Wednesday 20 April 2016

16-119MR ASIC welcomes significant reforms

ASIC today welcomed the Government’s announcement of major additional funding for the regulator.

'This will enable further surveillance and enforcement in areas such as financial planning, responsible lending, life insurance, and misconduct and breach reporting. It will also allow us to build our technological capacity to identify and assess risks and misconduct,' said ASIC Chairman Greg Medcraft.

ASIC welcomed the Government's support for the introduction of an Industry Funding Model.

'ASIC has long believed that those who generate the need for regulation should pay for it,' Mr Medcraft said.

'ASIC has worked with Treasury to consult with industry and we look forward to continued engagement with those we regulate to see Industry Funding work well.'

ASIC also welcomed the Government's response to the Capability Review. ASIC has provided an official response to the Capability Review which sets out the positive actions ASIC is already taking or will take to develop its capabilities in areas such as governance, culture and communication.

'The Capability Review provided ASIC with the opportunity to consider the capabilities we need for the future to ensure trust and confidence in the markets we regulate and to deliver improved market outcomes for the Australian community. We thank the panel for its findings, observations and recommendations,' Mr Medcraft said.

ASIC also noted the Government's commitment to ensuring the key recommendations from the Financial System Inquiry are implemented as a matter of priority.

'We will work with the Government and Treasury to make sure the regulatory framework allows ASIC to most effectively address market misconduct and contains the appropriate incentives for firms to put their customers first.

'I also welcome the Government's appointment of an additional commissioner for ASIC.'

On the 18-month extension to his term, Mr Medcraft said, 'I welcome the Minister's extension to my term as chairman.

It is an honour to be ASIC chairman and to work alongside the outstanding men and women employed here. We have a lot of important work to continue and I am keen to get on with the job.'

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Last updated: 20/04/2016 12:11