ASIC does well on own self-assessment - COST TO RUN THIS MONOLITH OF USELESSNESS? $400 million per annum. If those funds were saved over ten years could be paid to white collar crime victims delivering a meaningful $4 billion in compo.
30 January 2017
Mike Taylor
http://www.moneymanagement.com.au/news/policy-regulations/asic-does-well-own-self-assessment
Australian Securities and Investments Commission (ASIC) has given itself a relatively clean bill of health in its annual Regulator Performance Framework: ASIC self-assessment.
The self-assessment based on six key performance indicators (KPIs) and stakeholder feedback, has seen ASIC conclude that it mostly measured up in 2015/16.
But while the self-assessment was mostly positive, ASIC did acknowledge that it received its fair share of complaints most of which it managed to resolve within its service charter requirement of 70 per cent within 28 days.
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It said ASIC finalised 537 complaints in 2015—16 and that in 192 cases (36 per cent of complaints finalised), it resolved the complaint "by, for example, amending incorrect information on our website, waiving an incorrectly charged fee, updating information on our registers and providing further information to the complainant".
The report said ASIC had also changed its previous decisions — "for example, decisions about fee waivers and refunds, business name registrations and cancellations, and applications for unclaimed money".
"Where we identified instances of poor or inappropriate service by ASIC staff, we have provided feedback and training, including reinforcing adherence to ASIC's policies and procedures, to the staff member," it said.
The report said that in 248 cases (46 per cent of complaints finalised), the complaint was "unsubstantiated or our decision was confirmed".
It said these complaints were, for example, about allegations of ASIC officer misconduct, or of poor service or long wait times, which were found after further investigation to be not proven; an alleged breach of privacy, about information such as name and date of birth, which ASIC is required by law to disclose in relevant circumstances; or "decisions where we found that we had followed the relevant legislation or ASIC policy".