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Jan 2, — The threat comes as the Australian Securities and Investments Commission reveal they have been deluged with corporate breach reports and complaints in the wake of the Hayne royal commission and want to run their budget "close to empty" to turn around the perception they are the soft cop on the beat.
Mr Hughes, the former head of New Zealand's regulator, who Nationals senator John Williams said should be leading ASIC, has warned the public will need to accept the regulator will lose more cases and take longer to secure a result.
Advertisement "It is inevitable there will be more litigation and people out there in the market will have to be prepared for a much firmer, much stronger regulator, who is far less likely to compromise and we are likely to be seeing them in the court," said Mr Hughes, who has previously worked at ASIC, as well as legal counsel for NAB, ANZ, UniSuper and Tabcorp.
The approach we will take to resolving disputes will inevitably entail the likelihood that we will take court action, so people shouldn't be looking on ASIC anymore as some sort of soft option to push a problem out of the way. Advertisement ASIC has been humiliated by the Hayne royal commission after the interim report indicated the regulator's role has been "unacceptable" because it has been too cozy with the banks and failed to take them to court.
ASIC chairman James Shipton — also put through the wringer at the royal commission — has been forced to abandon the approach of his predecessor Greg Medcraft who relied on enforceable undertakings that the royal commission exposed as too weak with the terms too often dictated by the banks.
Mr Hughes said the new commission will be "much less in the weeds of the day-to-day operations and more focused on strategic enforcement". The long-time litigator said in the past that ASIC had a litigation success rate of above 90 per cent and "maybe the right number should be closer to the 70s".
Advertisement Bad headlines The new approach is likely to result in more bad headlines for ASIC such as being slapped down in the penalty hearing in the BBSW case against Westpac late last year, and the regulator's possibly flawed, interpretation of responsible lending laws exposed by the courts.
The public can also expect to see more cases testing the law such as ASIC's recently launched case against Clayton Utz to obtain secret documents from interviews with AMP executives. Mr Hughes, who is also determined to work in a more co-ordinated approach with other key regulators, said while his focus will be on the banks and insurance sectors, the new enforcement approach will be adopted across the board rather than reacting to the latest news.
Ms Chester, an economist, has also promised to make much greater use of data analytics to target problem sectors and companies.
The new strategy comes as ASIC provide the Financial Review with new figures that reveal a 15 per cent increase in public complaints, an 82 per cent increase in breach reports and a 93 per cent increase in breach reports by the financial services sector, in the wake of the royal commission.
Mr Hughes is also promising to push harder for breach reports to be made given the regulator has previously never taken a case to court for failure to report a breach.
There is an absolute desire by boards and senior management to cleanse themselves of things they think the regulator should know about," he said.Information and guides to help to start and manage your business or company.
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trend the organizers of the museum are looking forward for more visitors and thus are looking forward for marketing plan for UK. Companies in Australia must be registered with the Australian Securities and Investments Commission (ASIC).
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