In a statement issued yesterday, Treasurer Scott Morrison weighed in on the first two days of the royal commission’s financial advice hearings and the finding that Australia’s largest financial advice provider, AMP, has provided at least 20 false and misleading statements to ASIC in various breach reports over seven years.
Notwithstanding the evidence, Mr Morrison said the corporate regulator is still well-equipped to monitor the financial services industry and enforce the existing legislation.
“I can advise that ASIC has been investigating and continues to investigate the matters that were raised in the Royal Commission this week,” he said.
“ASIC takes these allegations of false or misleading statements very seriously as does the Government and this is a significant aspect of the investigation. ASIC's identification of the suspected illegal conduct gives me great confidence that ASIC will continue to deal with this matter and of course the Royal Commission will as well.”
Mr Morrison went on to describe AMP’s conduct as “deeply disturbing” and warned that those responsible may face “gaol time”.
He added that Minister for Revenue and Financial Services Kelly O’Dwyer has been doing a “very strong job” in pushing for greater powers for ASIC.
“We will allow the Commission to continue to do their work and ASIC will get on with their job of dealing with what are very serious admissions by AMP at the Royal Commission and they'll get on with that job immediately as they have already been doing,” he said.
Mr Morrison was one of a number of senior Coalition MPs who, until recently, opposed the royal commission.
