In a further setback to the implementation of the recommendations of the Hayne Royal Commission, the government’s new Statement of Expectations for ASIC curbs the independence of the corporate regulator.

The Hayne Royal Commission found evidence of a cosy captured culture between regulators and the finance industry.  

Now, in a direct repudiation of the findings of the Banking Royal Commission, the Morrison Government has ordered ASIC to curtail the application of the  ‘Why Not Litigate’ principle. 

This is just another example of a government prepared to Commissioner Hayne's findings, despite their repeated promises to the contrary.  

And it follows their more recent changes to Responsible Lending Obligations.

The governments SOE with ASIC makes it crystal clear that Scott Morrison and Josh Frydenberg are simply not on the side of small business, mum and dad investors, and the many Australians who need the protection of a strong, independent regulator.