Inside the never-ending war to fix the corporate regulator
ASIC regulates everything from the biggest takeover to the opening up a bank deposit. Can it handle the enormous task of policing our entire financial system?
When James Shipton, the former chairman of the corporate watchdog, fronted a parliamentary inquiry into the performance of his agency last month, he made a pertinent point.
The Australian Securities and Investments Commission has a lot of ground to cover – given our superannuation system has swelled to $3.4 trillion and our household debt to $2.2 trillion. Yet, the task is performed by a staff of fewer than 2000. If we regard our 65,000-strong police force as a thin blue line, our defence against corporate and financial malfeasance is barely visible.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
