ASIC has vowed to make it easier for corporate whistleblowers to report wrongdoing.
In response to the Senate inquiry into ASIC's performance and government recommedations in light of the report, ASIC has agreed to establish a new office to aid corporate whistleblowers.
"Specifically, ASIC has agreed to establish an Office of the Whistleblower within ASIC to improve the way it deals with whistleblowers. ASIC has also started to improve its communications and enhanced transparency, by revamping its website to make it more accessible," Finance Minister Mathias Cormann said in a release.
Cormann said ASIC has also worked closely with government to establish a public register of financial advisers. He said the government was also considering proposals put forward by the regulator to enhance its resources.
"In relation to the sustainable resourcing of ASIC into the future, the Government is also considering a proposal put forward by ASIC to introduce a cost recovery model in line with arrangements in place in other relevant jurisdictions around the world," Cormann said.