What we like and hate about you: ASIC’s survey results
ASIC has released the results of its stakeholder survey, the driver behind a shake-up of the regulator announced last week.
The survey was one of the main external inputs in shaping a strategic review which has resulted in four directorates being abolished to make way for 17 teams dedicated to a range of economic portfolios.
Three separate surveys of 1250 businesses, consumers and ASIC staff identified what ASIC does well and where it needs to improve.
The results show businesses particularly want to see improved efficiency in the way ASIC administers the law, and for the regulator to improve how it deals with people and entities who do not comply with the law.
Priorities for business include reducing red tape and focusing on principles and outcomes rather than rules. Businesses would prefer ASIC to work with them rather than take regulatory action. But they believe prosecuting market abuses should be a high priority.
Business respondents also think that when it comes to people who don’t comply with the law, ASIC concentrates on easy targets, focuses on punishment at the expense of prevention and is too cautious about taking enforcement action.
Consumers were found to hold more negative views than business as to the current business environment in Australia, yet they regard ASIC as a valuable source of information about Australian companies and business.
The biggest sticking point for consumers is they think ASIC doesn’t pay enough attention to disadvantaged consumers and are unsure whether it protects them at the expense of helping business.
The survey was one of the main external inputs in shaping a strategic review which has resulted in four directorates being abolished to make way for 17 teams dedicated to a range of economic portfolios.
Three separate surveys of 1250 businesses, consumers and ASIC staff identified what ASIC does well and where it needs to improve.
The results show businesses particularly want to see improved efficiency in the way ASIC administers the law, and for the regulator to improve how it deals with people and entities who do not comply with the law.
Priorities for business include reducing red tape and focusing on principles and outcomes rather than rules. Businesses would prefer ASIC to work with them rather than take regulatory action. But they believe prosecuting market abuses should be a high priority.
Business respondents also think that when it comes to people who don’t comply with the law, ASIC concentrates on easy targets, focuses on punishment at the expense of prevention and is too cautious about taking enforcement action.
Consumers were found to hold more negative views than business as to the current business environment in Australia, yet they regard ASIC as a valuable source of information about Australian companies and business.
The biggest sticking point for consumers is they think ASIC doesn’t pay enough attention to disadvantaged consumers and are unsure whether it protects them at the expense of helping business.