Under pressure from not one but two Senate inquiries into the Australian Securities and Investments Commission (ASIC), the corporate regulator has finally taken action against the directors of the Sterling First rent-for-life scam.
For the next 20 days Australians have an opportunity to submit to Treasury’s consultation on a new bill to regulate digital payments in the payments system.
The Sterling First fiasco proves the importance of the current Senate inquiry into ASIC, which is a once-in-a-decade opportunity to fix the pathetic regulator so it actually polices financial crime.
Senator Andrew Bragg established his Senate Economics References Committee inquiry into ASIC investigation and enforcement last October, seizing on the revelations of the Adams Report.
