ASIC rejects corruption allegation

AUSTRALIA'S investment watchdog has hit back at claims of corruption within its ranks.

Australian Securities and Investment Commission chairman Greg Medcraft has rejected, in a Senate hearing, suggestions staff acted inappropriately when authorising the use of online superannuation calculators in 2005.

The accusations stem from lawyer James Wheeldon, who was engaged by ASIC as part of a team tasked with granting permission to superannuation funds to offer customers the online tool to tally their super savings.

Mr Wheeldon claims ASIC failed to comply with its own standards when issuing an exemption that meant fees and charges were not necessarily included in the calculations.

Mr Wheeldon has previously told the senate hearing he reported to a senior lawyer, Grant Jones, who was on secondment to ASIC from the wealth management division of National Australia Bank, MLC.

Mr Wheeldon said Mr Jones acted as a "enthusiastic advocate within ASIC" for the benefit of MLC.

He also told the hearing that head of the team, Mark Adams, was driving an outcome which would see permission granted across the industry for the use of online calculators.

In response on Thursday, Mr Medcraft discredited Mr Wheeldon as a junior lawyer who was employed by ASIC for only nine months.

"ASIC completely rejects Mr Wheeldon's allegations," he said.

There was no special treatment for any parties and if ASIC considered the matter again, the same outcome would be achieved, Mr Medcraft said.

The Senate Economics References Committee's inquiry into the performance of ASIC is due to report back in late May.

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