Last week's Senate inquiry report into the troubled corporate regulator was as damning as it was unsurprising, the latest warning that ASIC is asleep at the wheel.

The federal government largely shrugged off the findings, rejecting calls for structural separation, and insisting ASIC was still a tough cop on the beat.

ASIC has yet to comment publicly on the findings.

So what happens next? 

Guest: Adele Ferguson, ABC Investigative Reporter