The Australian Securities and Investments Commission’s work over the past three years, which has resulted in over $349 million in compensation for consumers, is something to be proud of, Chairman Greg Medcraft has said.
In a short video address posted on YouTube by the regulator, Mr Medcraft defended ASIC and its staff against recent media reports which he said “…have tried to cast doubt on ASIC’s good work and smear our staff and culture”. According to Mr Medcraft, these reports have coincided with the Senate Economics References Committee inquiry into the performance of the regulator (see: ASIC Seeks Greater Powers).
The Chairman said the organisation had much to be proud of, and acknowledged the “excellent staff” at ASIC, who work for the regulator “because they believe in the public interest”.
He highlighted a number of ASIC’s achievements over the past three years, including:
- The completion of over 4000 institutional surveillances and 554 investigations
- The banning of 168 people from providing financial services
- The completion of 73 civil and 79 criminal proceedings against industry wrong-doers
Mr Medcraft said ASIC would front-up to the inquiry and answer “any and every question” to the best of its ability.
“We welcome the inquiry and all the submissions people have made. We read them all and want to use this information to do a better job,” Mr Medcraft said.
“Inquiries like this are all part of our accountability to the Parliament, and that is something we take very seriously.”
