Australia’s corporate watchdog should be split into two after “comprehensively” failing its role as a regulator, including focusing more on managing its reputation than enforcement action, a parliamentary committee inquiry has found.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup “For the matters where Asic proceeds to take enforcement action, the civil penalties imposed are often at odds with the scale of the offending, and few criminal sanctions are achieved. Further, Asic’s investigation and enforcement decisions are opaque and difficult to scrutinise.”
A spokesperson for Asic said it had shared its “strong enforcement record on behalf of Australian consumers and investors”. One of its other recommendations is for the federal government to change whistleblower laws to offer financial incentives to those who expose serious wrongdoings in the corporate and finance sector. It also would seek to offer compensation to whistleblowers who are “unable to make a disclosure in the public benefit without experiencing significant personal detriment, such as loss of career prospects”.
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