Says Shadow Digital economy minister, Husic and Shadow financial services minister Clare O’Neil, “Labor will fund new ASIC innovation resources to support FinTechs in Western Australia … in order to stem the flow of companies relocating to the major cities of the east”. The pledge is for a new ASIC executive to be based in Perth, extending the reach of the regulator’s Innovation Hub, which is currently only based in Sydney.
Mr Husic told InnovationAus.com that “Expanding ASIC’s presence in Perth won’t cost a lot and to many it may not sound like a lot, but for the firms that rely on it, it’s a big deal”.
The expanded ASIC presence will also help early-stage financial technology companies to focus on consumer protections and regulatory compliance from the start.
Comment: The outcome of the Banking Royal Commission shows that ASIC has been asleep at the wheel. Instead of distracting itself with Startups, ASIC should be regulating the big banks.
April 2018, ABC:
“Banking royal commission: How ASIC went missing in action with the banks”
‘ASIC has had the power to launch criminal and civil proceedings against big business. But for the past 15 years, it has deliberately chosen not to’
May 2018, ABC:
“APRA and ASIC have the legal power to sack bank heads, but they need willpower”
ASIC’s Corporate Plan 2016-17: video