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 This was an inadvertent mistake based on outdated information.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.