Powered by MOMENTUM MEDIA
subscribe to our newsletter
Government announces ASIC review

Government announces ASIC review

The federal government has commissioned a review to look into the capabilities of the corporate regulator.

Assistant Treasurer Josh Frydenberg said the capability review will ensure the regulator has the “appropriate governance, capabilities and systems” to meet regulatory challenges.

Mr Frydenberg added that the review forms part of the government’s response to the Financial System Inquiry, which recommended periodic reviews of the capabilities of financial regulators.

Advertisement
Advertisement

“Findings of the capability review will also provide information to assist the Government’s consideration of the Murray Inquiry recommendation for ASIC’s regulatory activities to be funded by industry,” he said.

The review committee will be chaired by a commissioner of the productivity commission, Karen Chester, former chief executive of the Queensland Treasury Mark Gray, and Madgwicks Lawyers partner David Galbally.

“The expert panel will be supported by a team of public and private sector personnel, and will provide a final report to government by the end of 2015,” Mr Frydenberg said.

“In undertaking the review, the expert panel will consult extensively with private sector businesses regulated by ASIC, peak bodies, regional and consumer representatives and other stakeholders.”

Government announces ASIC review
mortgagebusiness

 

Latest News

Westpac and the Commonwealth Bank’s share of the third-party mortgage market has spiked, in contrast to sharp declines from NAB and ANZ, t...

A non-major lender has dropped its fixed mortgage rates, becoming the fourth lender to reprice its offerings over the past two weeks.   ...

The interest lenders earn on mortgages is expected to remain under pressure this year and next, according to Moody’s. ...

FROM THE WEB
podcast

LATEST PODCAST: What drops in fixed rates may mean for the mortgage market

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?