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,
In its response to the Royal Commission, Labor said it would "act faster....
Here’s how the regulator is responding to the Royal Commission report.....
26 February, 2019
In its response to the Royal Commission, Labor said it would "act faster and go further" with the final report's recommendations.
21 February, 2019
Here’s how the regulator is responding to the Royal Commission report.
04 February, 2019
A range of recommendations have been made in the final report.