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ASIC failings deserve inquiry
Economist John Adams has released a report questioning the way in which the Australian Securities and Investments Commission (ASIC) has used their powers to investigate and prosecute ‘white collar’ crime.
Five years ago 2% of suspected offences reported to ASIC were investigated. In 2020 this is down to just 0.7%.
Only 1 in 50 of these investigations result in a prosecution. Ninety-one percent of reports by corporate whistleblowers resulted in no action being taken. Senator Roberts said:
“The effectiveness of Australian Securities and Investments Commission has already been questioned following the failure to prevent the Sterling First managed investment fund scandal in Western Australia.”
“ASIC provided incorrect guidance on the security of Sterling First to potential investors. Many investors lost their life savings as a result.”
“I note Liberal Senator Bragg and Labor Senator Pratt have both confirmed the need for an inquiry into the performance of ASIC.”
“I join in calling for an inquiry and look forward to a start date before the end of the year.”