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Watchdogs to get sharper teeth - and more scrutiny

AAP  |  04 Feb 2019Text size  Decrease  Increase  |  
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What's next for the Australia's financial regulators?

  • 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
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(Source: Banking Royal Commission Final Report)

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