Opening statement to the Parliamentary Joint Committee on Corporations and Financial Services: 21 June 2013
A speech by Peter Kell, Deputy Chairman, Australian Securities and Investments Commission to the Parliament Joint Committee on Corporations & Financial Services (Oversight of the Australian Securities and Investments Commission) on 21 June 2013.
...In my brief opening statement I’d like to address three issues.
Commonwealth Financial Planning
The Senate yesterday voted to hold an inquiry into ASIC, in part prompted by commentary on our enforcement action against Commonwealth Financial Planning (CFP) several years ago.
ASIC welcomes the inquiry and looks forward to the opportunity of providing the inquiry with substantial information on what we do, what we have achieved and what we seek to achieve.
The Sydney Morning Herald–The AGE has published a number of articles on failed miner Kagara and ASIC’s handling of a financial reporting ‘waiver’ request (or ‘relief request’) for the company.
Finally, I’d like to briefly update the Committee on the Unclaimed Money program.
In December last year, the definition of unclaimed money changed from accounts not accessed in seven years to accounts not accessed in three years.