[/table] Individual responsibility remains a core part of the financial services system, the Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft said, ahead of the Senate report on the inquiry into the regulator.The Senate Economics Committee is expected to report its conclusions on the extensive inquiry into ASIC's performance that was prompted about a year ago after media reports revealed that the regulator had failed to act against cases of misconduct within Commonwealth Bank's financial planning unit.Speaking at an Australian Institute of Company Directors (AICD) event, Medcraft outlined ASIC's deregulatory agenda, which responds to the government's effort to "cut red tape."When asked about how ASIC will be able to perform its duties after the cuts contemplated in the 2014 budget, Medcraft responded: "We will look to hold gatekeepers to account within the resources that we have, but individuals taking responsibility for themselves remains a core part of our system.""That would be my warning to everybody: take responsibility for yourself," Medcraft said."It's important that investors take care by getting education; making sure that you're trying to do the best on your own is particularly important," he added.He said that, despite budget cuts, ASIC will continue focusing on financial advice and on other areas identified as "high risk."Medcraft referred to the conclusions of the Senate inquiry into the regulator, which are likely to be published today."We could have acted more quickly, we should have been more transparent and there's the issue of whistleblowers; we have enhanced what we were doing then," Medcraft said."We welcome the inquiry; we see it as an opportunity to focus on issues such as competency, training and a register for advisers. We see it as constructive. We'll see what happens." THANK/S FOR THAT GREG.WAN** [/table][/table]
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