ASIC is a joke!!, page-6

ASIC..may still have to do it/s job
2. Ensure that all legitimate reports of misconduct are investigated sooner rather than later to avoid ASIC or the media stepping in and investigating the matter

In light of the call for ASIC to become a more proactive, ASIC will no doubt expect financial organisations to be similarly proactive and address all legitimate allegations or “warning signs” of misconduct. A failure to do so could land AFSL holders in breach of their reporting obligations and result in ASIC knocking on their door.