In his opening statement to the Parliamentary Joint Committee on Corporations and Financial Services, new ASIC chair James Shipton seemed to question whether the misconduct identified by the Royal Commission has prompted any real behavioural change.
If that sentiment sounds somewhat nihilistic, it's worth noting that, according to Shipton, "whilst we are hearing important acknowledgements from leaders of financial institutions about change, such change is not happening as quickly as it should."
Are financial institutions using delay tactics?
He said ASIC is still experiencing "slow and delayed responses from financial institutions and, in some cases, overly technical responses aimed at delay."
"Due process is important," he added, "but it must not be manipulated to disrupt the achievement of fair, appropriate and honest outcomes."
The speech also touched on how the Commission's interim report suggested "ASIC is expected to utilise enforcement tools more often, particularly against larger financial institutions because, as the interim report highlights,
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