The Australian Securities and Investments Commission (ASIC) may have spent last week slamming insurance brokers, but it now finds itself in hot water with the Federal Parliament.
Data compiled by the Rule of Law Institute of Australia (ROLIA) is likely to bring a smirk to insurance brokers’ faces, after it was revealed that the ASIC miserably failed in responding to questions from the Federal Parliament.
Indeed, ASIC were asked 135 questions during the parliamentary committee hearings and have so far not managed to answer a single one.
Its pitiful zero return ratio can be compared with the likes of The Australian Office of Financial Management (AOFM), who have been asked 114 questions and only six percent still need to be answered.
The Australian Bureau of Statistics (ABS) were asked 126 questions, with 17% outstanding, and the Australian Prudential Regulation Authority (APRA) were asked 126, with 33% still needing replies.
Last week, the ASIC attacked insurance brokers for their use of the term ‘independent’, warning that brokers will be publically named and shamed should they continue using the term.
It remains another matter whether the ASIC will have time to carry out its threat on insurance brokers considering the tardy replies it will be cobbling together for the Federal Parliament now.