ASIC’s power to ban senior officials in the financial sector

The ASIC Enforcement Review Taskforce has issued a position paper titled ‘ASIC’s power to ban senior officials in the financial sector’.

In its final report, the Financial System (Murray) Inquiry concluded that ASIC’s banning powers against individuals needed to be enhanced to improve accountability of managers and the culture of firms in the financial services and credit sectors.

The ASIC Enforcement Review Taskforce was established by the Government in October 2016. The terms of reference allow for an examination of the adequacy of ASIC’s enforcement regime, including the adequacy of ASIC’s power to ban senior managers from continued employment in financial services businesses.

The Taskforce is now seeking community and industry feedback on the paper before making final recommendations to the Government.

The position paper is available on the Treasury website. Interested stakeholders are invited to comment on the positions put forward by the Taskforce. Submissions for this consultation close 4 October 2017.

Source: The Commonwealth Government of Australia