Watchdogs to get sharper teeth - and more scrutiny

Much-criticised Australian Securities and Investments Commission and Australian Prudential Regulation Authority to continue operating, but with oversight from an independent watchdog
New conduct-focused accountability regime regulated by ASIC and extended to non-prudentially regulated entities (eg non-bank credit lender such as Prospa, and all financial advisers)
APRA to bolster its supervision of 'culture and governance'
$170 million extra funding to ASIC, APRA, the Commonwealth Director of Public Prosecutions and the Federal Court
ASIC to become the primary conduct regulator for superannuation
Breaches of industry codes of conduct will be able to include 'enforceable code provisions', which if broken could constitute a breach of the law and lead to remedies for victims
Regulators to have access to civil penalties for specific breaches of the law for superannuation trustees and directors
Expanding the jurisdiction of the Federal Court to cover corporate criminal misconduct

(Source: Banking Royal Commission Final Report)

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