A report into the Australian Securities and Investments Commission (ASIC) has found it’s a “toothless tiger” in need of a major overhaul. The report was tabled in parliament yesterday by Liberal Senator Andrew Bragg, who found the corporate regulator’s role was “too broad” for it to be effective. He recommended ASIC be split into 2 parts – one to deal with companies and one to keep an eye on the financial sector. That was one of 11 recommendations which also included offering financial rewards to corporate whistleblowers. “It’s clear ASIC has failed,” Bragg said. “Countless Australians have been hurt by ASIC’s consistent failure to investigate and deter corporate crime.” But some Labor committee members said the final report missed opportunities for improvement in favour of “a headline grab”. ASIC said it would “take time to consider” the findings.