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Bloomberg
Australia’s securities regulator will embed supervisors in the big-four banks in a push to get tough on corporate misbehaviour after a string of scandals.
Australian Securities & Investments Commission (ASIC) staff will be placed inside Commonwealth Bank of Australia, Westpac Banking Corp., National Australia Bank Ltd., Australia & New Zealand Banking Group Ltd. and embattled wealth manager AMP Ltd.
The banks “need to know that if they do the wrong thing we’ll come down on them like a ton of bricks,†Treasurer Scott Morrison said. ASIC will get an additional $52 million in funding to beef up its oversight, he said.
The changes are needed because even though “there are already people within the banks who report directly to the board, but what happens if the board doesn’t listen to them?†Morrison said.