Editor’s note:

On 7 July 2020, ASIC wrote to the Secretariat of the House of Representatives’ Standing Committee on Economics (Committee), providing further information relevant to the opening statement.

Read ASIC’s letter to the Committee

Opening statement by Sean Hughes, ASIC Commissioner, at the House of Representatives Standing Committee on Economics (Australia's four major banks and other financial institutions), 3 June 2020.

CHECK AGAINST DELIVERY

Thank you Chair. My name is Commissioner Sean Hughes and I am representing the Australian Securities and Investments Commission today, I wish to table a brief opening statement. Joining me today from ASIC is Mr Warren Day,Regional Commissioner Victoria and Executive Director, Assessment and Intelligence, as well as Mr Tim Gough, acting Executive Director, Financial Services.

1. ASIC’s understanding of the redraw issue
2. ASIC’s interaction with ME Bank on this issue
3. Outline the process that entities undertake to report breaches to ASIC; and finally
4. The communication we have had with other regulators and agencies on this issue.

 Read the full speech (PDF 115KB)