The Australian Securities & Investments Commission is facing a Senate inquiry into its performance, according to Fairfax Media, which recently published a series of revealing reports involving the regulator.
Fairfax reports the inquiry received bi-partisan support in the Senate yesterday, and is tipped to start next March.
According to Fairfax, ASIC took 16 months to act on information from whistleblowers about misconduct within the Commonwealth Bank’s financial planning unit, and three years to act on information alleging fraud and forgery by one of the bank’s planners.
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