May 31, 2018

The need for a strong financial system justifies ASIC’s ‘softly softly’ approach

If you're wondering why ASIC doesn't crack down on corporate crooks harder, it's because it has to focus on the "strength" and "efficiency" of the financial system as much as fairness for customers.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

The Australian Securities and Investments Commission has justified its unwillingness to try to prosecute corporate criminals by insisting it must focus on the "efficiency and strength" of the financial system as well as its "fairness and integrity".

Appearing at Senate estimates last night, new chair James Shipton and veteran commissioners like Peter Kell were questioned by Greens senator Peter Whish-Wilson about why the community perceived that ordinary criminals go to jail while corporate criminals get off lightly. According to ASIC chair James Shipton,

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