Tip offs information of concern and reports of misconduct - video transcript

Transcript of video about how ASIC deals with tip-offs, information of concern, and reports of misconduct, presented by Warren Day - Senior Executive Leader, ASIC's Misconduct and Breach Reporting team, uploaded 23 September 2013.

What does ASIC do?

ASIC is Austalia's corporate, markets and financial services regulator. We also look after consumer credit.

We make sure that Australia's financial markets operate fairly and efficiently, and ensure that you have confidence and information to be involved in those markets.

Part of our role is to receive reports from the public who believe someone has not complied with the laws that ASIC manages.

How does ASIC assess reports of misconduct?

Each year we receive over 20 000 reports of alleged misconduct at ASIC, including statutory reports. And we consider each of them in detail against four key questions:

  • What is the extent of harm or loss from the misconduct?

  • What are the benefits of pursuing the misconduct?

  • How do other issues like the type and seriousness of the misconduct and the available evidence affect our consideration of the matter?

  • Also, and importantly, is there an alternative course of action?

Reports from the public provide us with valuable information,it's valuable intelligence to ASIC. But not every matter will be one we should take action on. We do give an initial assessment to each and every matter and we always attempt to assist in resolving the matter or point people in the direction of other assistance that will help them.

While we generally don't act for individuals, we do value the information the public gives us and we focus on matters where we can take action to benefit the public more broadly.

Who should I complain to?

If you have a dispute or you're aware of misconduct occurring who you should complain to will depend on what that is about. For many people the best place to start is the provider of the financial or credit service or product that they received. Alternatively, there are ombudsman schemes for financial services and credit that we recommend you consider.

ASIC's website has lots of helpful information that will assist you in working this out.

If you think your complaint is something ASIC does deal with, after looking at the information on the website, the best way to report it is actually through our website. It's a three-step process designed to give you information along the way to help you decide if we can help or if there are other more appropriate ways to resolve your concerns.

Because after all, we want to assist you get quick resolution of your matter.


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Last updated: 30/03/2021 09:37