ASIC has admitted it is overstretched and under-staffed, and that Australia “gets what it pays for” in service.
The comments, from ASIC chairman Greg Medcraft, come after the watchdog announced it would take 37 years to conduct thorough surveillance of the entire credit industry.
“I think it is important people know we aren’t on every street corner. We would like to be but we’re not,” Mr Medcraft told a parliamentary committee.
“The idea behind this [report] about our resourcing is to say you can have an ASIC at $350m and this is what you get and you can have one at $250m and it actually shows the committee and the Australian public what you get with what you pay for.”
Last week, an ASIC spokesperson would not confirm if more staff were in the pipeline, telling Australian Broker Online its manpower was a matter for the government.
Aggregator Ballast’s CEO, Frank Paritore agreed ASIC would “struggle with the foot soldiers to mandate and go through the entire industry.”