ASIC has beefed up staff numbers to maintain and build confidence in the integrity of Australia’s financial markets with priorities focusing on capital markets, retail investors, consumers and international capital flows.
Total headcount for the regulator jumped by 106 workers or 6 per cent to total 1775 ongoing and non-ongoing employees from the period between June 2008 and February 6, an ASIC spokesperson told InvestorDaily.
“ASIC has recruited staff across a range of functions and at a range of levels. These include regulators, bankers, lawyers, accountants, insolvency specialists, investigators and other specialists,” the spokesperson said.
ASIC plans to expand its enforcement activities with an additional focus on international investigation in areas such as internet fraud in co-operation with international regulators.
This will be done in addition to its stated priorities which included promoting the interest of consumers and retail investors in the financial economy, building confidence in the integrity of Australia’s capital markets, facilitating international capital flows, using new technologies to improve services and reduce costs for business and lifting operational effectiveness and service levels.
The government in December approved funding in excess of $40 million to enable ASIC to enforce actions against Westpoint and James Hardie.
In that month, the government expanded ASIC’s executive team, hiring three commissioners after a strategic review of the regulator’s operations during the year.
When asked about Storm, the ASIC spokesperson said: “ASIC’s work investigating this matter has been noted in the media and we are working closely with investors to keep them informed of developments.
“We need to balance the need to keep the public informed with keeping the integrity and confidential nature of the investigate infact.”
ASIC has kept approximately 20 full-time staff dedicated to Storm.
