Divide and conquer: How to fix ASIC

Recently, in an editorial published in The Australian Financial Review, it was advocated for Australian politicians to stop meddling with the Australian Securities and Investments Commission (ASIC).

Here is the contrary view.

ASIC’s inefficacy has been pommelled by one review after another and for more than a decade.

There was the 2013 senate inquiry (ASIC is weak, feckless and suborned), the 2014 Murray inquiry (ASIC needs a board of oversight), the 2015 Treasury capability review (heavily critical of ASIC’s enforcement) and then the belting dished out by the Hayne royal commission (ASIC doesn’t enforce the law, treats regulated entities like clients, and is scared of litigation).

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