The Insurance Council of Australia supports empowering the Australian Securities and Investments Commission (ASIC) to receive telecommunications intercept material to investigate and prosecute serious offences.

However, it says any expansion of power requires careful consideration, given associated expenses will be borne by industry under new cost-recovery arrangements.

In response to an ASIC paper on the matter, it says the more expansive option, classifying ASIC as an “interception agency”, should not be pursued due to cost.

And any move should strike an appropriate balance between the regulator’s ability to access phone intercept material and the privacy of individuals.

Independent reviews of ASIC’s use of its powers should be conducted to ensure transparency and accountability, and there should be minimum security and encryption standards for data retention, the response says.