ASIC James Shipton banking royal commission
ASIC chairman James Shipton (Image: AAP/Mick Tsikas)

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,