12.34am EDT00:34
The corporate regulator has been up before a parliamentary committee this morning, shedding a tiny ray of light on a story we reported last weekend about investors who are stuck in administrative limbo when it comes to getting their complaint heard.
As we reported, investors with a $200m claim against the Australian Securities and Investments Commission for what’s called “defective administration” can’t get a hearing because the regulator has had its authorisation to deal with this kind of thing revoked.
This would normally mean treasurer Josh Frydenberg or one of his junior ministers would decide the claim, but Treasury says this isn’t possible because doing so would interfere with Asic’s independence.
Under questioning from Labor’s Julian Hill this morning, Asic’s top lawyer, Chris Savundra, said the regulator was “ready, willing and able” to deal with defective administration claims if the minister authorised it to do so.
But he was less sure about why the agency had lost the ability to do so, back in 2015. He would have to check but thought it was because Frydenberg held the authorisation personally as assistant treasurer and it lapsed when this office passed to Kelly O’Dwyer in September 2015.
Savundra wasn’t sure if Asic had explicitly asked for the authorisation back since 2015 but had “certainly raised the question” with Treasury over the years.
“Really, someone’s got to be responsible,” Hill said. “If you don’t have the delegation, it makes no logical sense to say that the Treasury wouldn’t assess it because it would interfere with your independence.”
He said he would take the matter up with Treasury.
Updated
at 2.29am EDT