The vote follows a notice of motion filed by NSW Nationals Senator John Williams in the Senate yesterday – and supported by ALP Senator Doug Cameron and Greens Senator Christine Milne – which called for a Senate inquiry into the matter.
The notice of motion called for a review of ASIC’s performance with “particular reference” to the watchdog’s enabling legislation, the accountability framework to which ASIC is subject and the regulator’s management of complaints and whistle blower protections.
Senator Williams told InvestorDaily that he has long-standing concerns about ASIC’s handling of complaints, following a former case about misconduct by a liquidator.
He said that the 16-month period between information being provided to ASIC by a Commonwealth FP whistle blower and the ultimate action in this case was worthy of investigation.
“How much more wrongdoing was carried out in those 16 months? How many investors were overcharged and perhaps even had signatures forged?,” he asked.
More broadly, the Senator said he was concerned about activity in the financial planning industry, although he believes the Commonwealth Bank had been compliant with self-reporting procedures in this case.
“I worry about this industry, I worry when we have $1.5 trillion in super, a lot of it now self-managed,” he said.
“Many Australians are going to rely on good, honest advice for their futures and we need to have that industry clean and honest and the customers best interests must be the priority.”
