Government urged to allow Asic to decide claims against itself after investors left in limbo

Tony Smith is acting in his capacity as chair of a parliamentary committee with oversight of the Australian Securities and Investments Commission.Tony Smith is acting in his capacity as chair of a parliamentary committee with oversight of the Australian Securities and Investments Commission.

Asic said its authority to decide CDDA claims lapsed in 2015, while Treasury claimed that Frydenberg could not decide claims against Asic because it would interfere with the regulator’s operational independence.But in letter to Frydenberg on a 23 March, Smith said the idea the treasurer was barred from deciding CDDA claims against Asic was “a change in position which contradicts the practice in previous years”.

“Accordingly, the committee recommends that the government make such legislative or policy changes as are necessary to overcome any barriers to any treasurer in the future authorising Asic to determine claims under the CDDA scheme.” “Nonetheless, the next treasurer should act to remove any doubt or ambiguity and ensure that Asic, the corporate regulator, is subject to the CDDA scheme like any other public entity, and accountable for their performance in the future.”

Asic should not have trusted that Prime Trust’s founder, Bill Lewski, possessed the good fame and character required to be named a key person on the licence, the investors said in their CDDA claim.Sign up to receive the top stories from Guardian Australia every morning Steve O’Reilly, a representative for Prime Trust Action Group, said that Asic demanded accountability from participants in the financial services industry but “the treasurer’s failure to authorise Asic to determine CDDA claims provides an opportunity for Asic to avoid accountability”.

It’s ASIC … not “Asic”

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