Investigations up 20 per cent as ASIC goes on hiring spree
The corporate regulator increased the number of enforcement investigations by 20 per cent as it embarks on a recruitment drive.
On Sunday, ASIC released its enforcement update report for the period between January 2019 to 30 June 2109.
The report revealed that enforcement investigations involving the big six – including their associated businesses was up by 51 per cent.
Wealth management investigations increased by 216 per cent.
ASIC deputy chair Daniel Crennan said that the corporate regulator will also aim to boost its resources on the back of the $404 million funding provided by the government.
“It will allow us to recruit more enforcement officers, analysts and lawyers. It will give us the capacity to litigate in instances of misconduct,” Crennan said in his foreword in the report.
He also noted that ASIC will also use “external resources more so in the past particularly with members of the bar to conduct investigations.
“This will bring us in line with our peers. As we expand our operations we will also expand both our internal and external resources.”
ASIC’s Office of Enforcement which Crennan leads is continuing its work on the 13 matters referred to ASIC by the Royal Commission as well as a significant number of matters that were examined as case studies in the Royal Commission hearings.
“While we do not comment on actual or potential investigations, we are prioritising our work on these matters and a significant number of other investigations into Australia’s major financial services institutions.
“We will continue to provide public updates on our enforcement actions when appropriate,” he said.