An ASIC stakeholder’s survey of 1500 financial services industry stakeholders and investors has found inherent dissatisfaction with ASIC’s performance.
In light of the survey that was conducted between February and June,ASIC has conceded that they need to reduce red tape associated with compliance. The watchdog has commented that, there were “perceived limitations with ASIC’s ability to meet its stated objectives,” and the limitations were highlighted as: acting quickly to investigate breaches of the law, clearly communicating what ASIC is doing, reducing the red tape associated with compliance and being sufficiently resources to do our job.
The corporate watchdog has pledged to act swiftly on the issues raised in the survey and Greg Medcraft ASIC chairman commented that, “we are aware of the regulatory burden on business and have introduced measures to make things easier where we can.” The chairman highlighted as an example where the watchdog was being proactive was the introduction of the national Business Names Register and a booklet to help small businesses comply with their legal obligations. He also said that the watchdog is committed to helping business by easing compliance with regulatory requirements or advising government to scrap regulation with no clear purpose.