ASIC commissioners are either 'nincompoops' or reporting processes are 'desperately faulty': Switzer

Sky News contributor Peter Switzer says the ASIC commissioners are either "nincompoops" or the actual processes of reporting from ASIC itself to the commissioners is "desperately faulty".

New revelations in the ASIC taxpayer-funded expenses scandal revealed acting chair Karen Chester claimed she and fellow commissioners were kept in the dark about funding ASIC Chair James Shipton received to manage his tax affairs.

Mr Shipton and his Deputy Chair Daniel Crennan had received more than $180,000 to cover the cost of managing tax affairs and rental payments.

"For them to not know what's going on, you kind of suspect the processes are bad," Mr Switzer said.

"A lot of people get on boards and commissions, it's a self-serving operation and they don't really do enough hard research to find out what's going on.

"I suspect it's a process problem."

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