In our joint response to exposure draft legislation implementing certain aspects of the ASIC Enforcement Review Taskforce (ERT) Final Report, Consumer Action and Financial Rights Legal Centre (Financial Rights) generally supports the exposure draft legislation but makes comment in this submission on the following:09
- ASIC’s power to ban individuals;
- Strengthening ASIC’s licensing powers;
- ASIC’s investigative tools – telephone interception and search warrants.
We note that the exposure draft released does not include recommendations of the ERT relating to breach reporting, a directions power for ASIC or strengthening of penalties. These are all key recommendations of the ERT that need to be legislated effectively.