ASIC Inquiry public hearings begin

by 19 Feb 2014
The first public hearing of the Senate Inquiry into the performance of ASIC will take place in Sydney today.

ASIC chairman Greg Medcraft is due to open the hearing, talking through the four submissions the regulator has made defending its position and actions.

The submissions outline the regulators “many achievements” and highlight “areas where we believe we can improve”, Medcraft has said.

A further eight groups will speak throughout the day, including unions and representatives from the financial planning and accounting sectors.

A further hearing will take place in Sydney tomorrow, with the final hearing in Canberra set for Friday.

The Inquiry received over 400 applications from members of the public and representatives of the finance industry, including a number of broker groups and lenders.

The Inquiry will analyse a number of aspects of ASIC’s performance, including the regulator’s complaints management policies and practices, accountability framework, collaboration with other regulators and any barriers that may be preventing it from fulfilling its responsibilities.

The reporting date for the Inquiry is 30 May 2014.