Labor wants inquiry into collapses

The Federal Labor party has called for an inquiry into the collapse of Westpoint, Fincorp and ACR. Senator Nick Sherry said “It is clear that a full comprehensive inquiry is now necessary in order to identify regulatory weaknesses, recommend change in order to minimise such collapses from occurring in the future.” ASIC chairman Tony D'Aloisio defended ASIC's priorities and reiterated that they would be focussing on insider trading and the retail investment market over the next 12 months.