Senate debates

Monday, 27 March 2017

Statements

Banking and Financial Services Commission of Inquiry Bill 2017

3:55 pm

Photo of Peter Whish-WilsonPeter Whish-Wilson (Tasmania, Australian Greens) Share this | | Hansard source

I seek leave to make a short personal statement.

Photo of Gavin MarshallGavin Marshall (Victoria, Deputy-President) Share this | | Hansard source

Leave is granted for one minute.

Photo of Peter Whish-WilsonPeter Whish-Wilson (Tasmania, Australian Greens) Share this | | Hansard source

On 22 March 2017, last Wednesday, I tabled my second reading introductory speech regarding the Banking and Financial Services Commission of Inquiry Bill 2017. In this speech I stated:

IOOF have been charged with insider trading.

This statement is incorrect. This was an inadvertent mistake based on outdated information. I apologise for misleading the Senate.

What I should have said was that ASIC investigated IOOF in relation to allegations of insider trading. While ASIC took no further action in relation to these allegations, they identified concerns with IOOF's compliance arrangements, breach reporting, management of conflicts of interest, staff trading policy, disclosure, whistle-blower management and protection of cybersecurity. ASIC also found the corporate culture at the time within IOOF contributed to these events occurring.