In most cases, the nation’s corporate regulator responded with an automated “no further action” email within 40 seconds of the complaint being received.
The final report of a Senate inquiry into the Australian Securities and Investments Commission recommended the nation’s corporate regulator be abolished.
Demanding that the 33-year-old commission be split into a regulator and a financial conduct investigator, a Senate investigation revealed an overwhelmed ASIC is failing to deliver justice to mum-and-dad investors while its timid legal approach does not deter criminal behaviour. But the inquiry found that despite a 19 per cent increase in staff since 2016-17, the scope and complexity of ASIC’s responsibilities were beyond the regulator.
Four years since the regulator started action against Dixon, it has been fined $7.2 million – which ASIC does not expect to be ever paid – while a trial against a former company director only started last month. The Securities and Exchange Commission, America’s equivalent of ASIC, gives between 10 per cent and 30 per cent of fines worth more than $1 million to whistleblowers with “high-quality original information”.
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