The case for splitting ASIC

Australia needs a dedicated financial industry conduct regulator, rather than a securities regulator that regulates everything.

After a two-year inquiry, chaired by Senator Andrew Bragg, the Senate handed down its report into ASIC’s enforcement in June.

The inquiry was precipitated by research by economist John Adams, who found that the Australian Securities and Investments Commission enforces only 0.3 per cent of complaints brought to its attention.

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