Federal government tells ASIC to “lift their game”

The federal government says the Australian Securities and Investments Commission investigators must “lift their game” in the wake of the Senate inquiry into the Commonwealth Bank, reports The Australian.

Finance Minister Mathias Cormann was asked on radio this morning about ASIC’s failure to investigate tip-offs against the CBA.

“ASIC of course has come out and has acknowledged they got some of these things wrong, and they’ve certainly got to lift their game,” said Cormann.

The Senate inquiry yesterday condemned the conduct of the CBA, calling for a Royal Commission to investigate the scandal involving rogue financial planners.

The Commonwealth Bank has said it is sorry some of its financial advisers failed customers, but denies it has downplayed the wrongdoing and tried to minimise its compensation, according to The Australian.

This article first appeared on SmartCompany.