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ASIC says regulator acted with ‘glacial’ speed in response to almost $200k in overpayments – ABC News

The acting chair of ASIC tells Parliament the regulator acted with “glacial” pace when dealing with its inquiry over $200,000 worth overpayments made to two chairmen….

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Karen Chester, the acting chair of the Australian Securities and Investments Commission (ASIC), says it took far too long for the corporate watchdog to respond to the knowledge it had overpaid its boss and deputy nearly $200,000.
Key points:

  • ASIC acting chair Karen Chester says officials discovered the overpayments and brought the matter to the attention of ANAO last year
  • Ms Chester agrees the auditor-general was concerned about ASIC’s “glacial” response to the issue
  • ASIC deputy chair Daniel Crennan…

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