Most stakeholders hold positive views of the Australian Securities and Investments Commission (ASIC), but key limitations are also identified in the regulator’s annual survey.

About 37% of nearly 1500 respondents say the commission’s current performance is good or excellent, 37% rate it fair and 15% say it is poor or very poor.

Most (69%) say ASIC is performing the same or better than two years ago, with only 11% saying it has got worse.

The regulator’s market supervision, including tackling insider trading and ensuring companies provide reliable information, is considered a particular strength.

Other noted assets include professionalism, promoting confidence in the financial system and making registration and licensing easy and efficient.

Perceived limitations include not acting quickly enough to investigate breaches, unclear communication, failure to cut red tape around compliance and insufficient resources.

Respondents were also asked if they believe financial product and service providers, such as insurers, operate with integrity: 33% do and 25% do not.

When rating ASIC’s performance holding such organisations to account, 43% of stakeholders believe it is good or excellent and 15% poor or very poor.

Fewer respondents believe financial advisers and fund managers operate with integrity (23% and 26% respectively).

“While it is very encouraging that our stakeholders provided some positive feedback, the real value in the survey findings is that they identify opportunities for ASIC to improve,” Chairman Greg Medcraft said.