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Watchdogs to get sharper teeth - and more scrutiny
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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
(Source: Banking Royal Commission Final Report)
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