Opening statement: Parliamentary Joint Committee 23 November 2015
A speech by Michael Saadat, Senior Executive Leader, Australian Securities and Investments Commission to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into impairment of customer loans, 23 November 2015
Good evening, Chairman. Thank you for this opportunity to address the Committee.
My name is Michael Saadat and I am the Senior Executive Leader for ASIC’s Deposit Takers, Credit and Insurers team. With me today are the following Senior Executive Leaders:
- Adrian Brown, who leads the Insolvency Practitioners team, and
- Warren Day, who leads the Assessment and Intelligence team.
As the Committee is aware, ASIC has made a written submission to this inquiry. ASIC’s role, as relevant to the terms of reference of this inquiry, is in regulating:
- insolvency practitioners, including receivers, under the Corporations Act, and
- lenders under the ASIC Act and the National Credit Act – noting that the National Credit Act does not apply to business loans.
In my introductory comments, I want to touch on ASIC’s role in regulating lenders and receivers and previously mooted reforms in this area.