The corporate watchdog will face a wide-ranging Senate inquiry into its performance including its response to information from whistleblowers on serious misconduct inside the Commonwealth Bank's financial planning unit, according to Fairfax Media.
Senators unanimously voted today to run an inquiry into the Australian Securities and Investments Commission on a motion put by Nationals senator John Williams.
The inquiry would cover an examination of corporations legislation and whether it needs to be changed; a review of the accountability of the regulator; the effectiveness of its complaints management policies and practices and its approach to corporate and private whistleblowers.
ASIC did not act for three and a half years on information provided by CBA in June 2009 about serious allegations of forgery and fraud by a planner, Fairfax Media said.
“Peter Kell [deputy chairman of ASIC] would not give any answers at a Senate estimates hearing in relation to the whistleblowers and what went on and so I hope to get them during the inquiry,” Mr Williams said, according to Fairfax Media.
Public hearings would begin later this year.