More than four years after the Hayne royal commission delivered a scathing verdict of the Australian Securities and Investments Commission, a parliamentary inquiry is hearing submissions from disgruntled stakeholders.

 And with Liberal senator Andrew Bragg, former ASIC chairman James Shipton and an anonymous senior ASIC executive among those lining up to sink the boot into the regulator, questions about its future are getting louder.

 “It is a laughing stock. No wonder ASIC is seen as a toothless tiger,” says Bragg. “There is a major problem at ASIC. The culture of the organisation is sick.”

By: Patrick Durkin is Melbourne bureau chief and BOSS deputy editor. He writes on news, business and leadership. Connect with Patrick on Twitter. Email Patrick at pdurkin@afr.com

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