Crennan first, Shipton next: Deeply flawed ASIC needs urgent cleanout
If ever there was a time to clean out ASIC, it’s now.
With the integrity of the office in question, following the Crennan and Shipton controversy, time is of the essence to fix a mess that has seen its deputy chairman Daniel Crennan resign, its chairman stand aside and Treasury launch an independent inquiry.
What is glaringly obvious is the government needs to step in and dust off the Hayne royal commission’s recommendation to create a Financial Regulator Accountability Authority to oversee ASIC and the Australian Prudential Regulation Authority (APRA).
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