The corporate regulator is facing major backlash over its alleged tardiness regarding suspected corporate misconduct.
A new report by economist John Adams of Adams Economics has revealed that reports of alleged misconduct submitted to ASIC have approximately a 1 per cent chance or less of being officially investigated.
The scathing report, based on publicly available data issued by the regulator itself, suggests that ASIC’s performance has been on a slippery slope for several years despite the regulator being the subject of multiple inquiries and reviews as well as the Banking Royal Commission.
“There remains ongoing frustration across the community among investors, consumers and industry practitioners who are required to deal with ASIC,” Mr Adams said.
By: Maja Garaca Djurdjevic