National Disability Insurance Scheme Bill 2012
The Constant Battle: Suicide by Veterans
In June 2013 the Economics References Committee began an inquiry into ASIC’s performance after questions were raised about ASIC’s response following media reports of misconduct by financial advisers at Commonwealth Financial Planning Limited (CFPL), part of the Commonwealth Bank of Australia (CBA).
The committee’s June 2014 report confirmed CFPL had engaged in serious unethical and dishonest behaviour, with thousands of clients adversely affected, and expressed concerns about the ‘integrity and fairness’ of CBA’s ASIC-sanctioned compensation process. While the committee recognised the difficulty of ASIC’s role, it found ASIC had been ‘lulled into complacency’.
Many of the committee’s 61 recommendations centred on improving ASIC’s communication, transparency and responsiveness, and increasing its enforcement powers. Others addressed regulatory gaps and advocated the strengthening of corporate whistleblowing protections.
Its recommendation for a judicial inquiry into CBA’s actions led to the appointment of the 2017–19 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The inquiry’s scrutiny of one of Australia’s major banks has been described as ‘unprecedented’, as has its call for major reform.
Committee chair Senator Mark Bishop
Senator John Williams
ASIC Commissioners and senior executives at an ASIC inquiry hearing in Canberra on 10 April 2014.
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Audio (duration 12:34), 27 July 2013