The House of Representatives Standing Committee on Economics today tabled its reports into the annual reports of ASIC and APRA.
Committee Chair Tim Wilson says the work of the committee in scrutinising Australia’s key financial regulators remains vital in light of the findings of the Royal Commission, the COVID-19 pandemic and more recently, the standing aside of the Chair of ASIC.
“The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector.
“Now, more than ever, it is essential to maintain strong prudential regulation and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector.”
“The economic comeback post COVID-19 brings its own challenges. It is essential that governments, regulators, and financial institutions continue to be proactive and work together as the immediacy of the crisis fades and the hard work of economic comeback continues.”
‘Both ASIC and APRA have responded quickly and appropriately to the pandemic, unfortunately ASIC’s recent expenses scandal has overshadowed its efforts.
“The Committee takes its role of the oversight of ASIC very seriously, and will closely follow the outcome of the independent review into expenses of ASIC executives paid by the Australian tax payer.
“Coupled with the data errors in the SMSF factsheets on the MoneySmart website that remain unacknowledged, it is difficult to say that there is as much confidence in ASIC today as there was at the same time last year.
“And ASIC should seek to address these issues as a matter of urgency because they go to the heart of their capacity and internal processes.”
Further information on these inquiries are available on on the committee’s website.