Putting regulators inside corporations isn’t new, and the US experience highlights risks of regulatory capture, but the move could make a difference if ASIC is shifting to more robust enforcement.
- Lecturer in Corporations Law and Regulation of Corporate Misconduct, The University of Queensland
Restructuring might help manage conflicts of interest between offering advice and selling products, but it doesn’t fix the culture that sacrifices customers’ interests to the pursuit of profits.
After Labor proposed a royal commission into the banking industry, Treasurer Scott Morrison said the Australian Securities and Investments Commission (ASIC) has all the powers of a royal commission and more. Is that right?
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