Australia’s vast superannuation pool could be at greater risk if the financial watchdog’s access to stored telecommunications data is curtailed, ASIC says.

Australian Securities and Investment Commission commissioner Greg Tanzer says ASIC regularly uses so-called metadata in investigations – including in more than 80 per cent of insider trading cases.

But under the government’s proposed new telecommunications data retention law, ASIC isn’t listed as an approved agency with the same routine access powers as police and ASIO.

However, ASIC can seek ministerial approval.

Tanzer said the white collar crime ASIC pursued posed significant threats to Australia’s economic security and financial wellbeing.

“Australia’s growing superannuation pool which now stands at $1.87 trillion has been targeted by criminals elements and the physical harm and mental anguish that is suffered by victims of fraud is vast and ongoing,” he told a parliamentary committee hearing.

Tanzer said ASIC could only do its job with the right tools.

“We have grave concerns that bill in its current form could compromise ASIC’s investigation powers and increase the threat to Australians of financial crime,” he said.

The joint committee on intelligence and security is examining the Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2014.

It seeks to give security agencies greater investigative powers and, most controversially, requires telecommunications companies to retain metadata for two years.

Police would prefer five years.

Metadata is information accompanying phone calls and emails relating to time, origin and destination but not content.

Tanzer said requiring ministerial approval was not ideal, because it could prolong investigations or be subject to certain conditions or sunset clauses.