Former ASIC boss James Shipton says watchdog is flawed and needs reform

Australia's corporate regulator has insisted it has a strong enforcement record after a senate committee recommended it be broken up. The final report on the Australian Securities and Investments Commission concluded the corporate watchdog has a bad culture and a sprawling bureaucracy, making it less effective in prosecuting white-collar crime. Former ASIC chair James Shipton says he agrees with the recommendations in the report and made attempt to deliver reform during his time as chair.