Greg Medcraft is lucky to still be the Chairman of ASIC. The eighteen-month extension to his term gives him an opportunity to fix the many problems he hasn’t done much on in his first five years. As a the graphic below from a recent review of ASIC’s capabilities shows, there’s a massive gap between what the senior management of ASIC think of its performance and what ASIC’s stakeholders think. There would be no calls for a Royal Commission into banking if ASIC were seen to have done its job. Medcraft’s infamous comments that Australia is a “bit of a paradise for white collar” crime, and the regular references to ASIC as the “corporate watchpuppy” highlight the perception issues.