Articles on ASIC

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Treasurer Josh Frydenberg with Australian Securities and Investments Commission chair James Shipton. His new powers are imperfect, but they will help. Peter Braig/AAP

Fines that’ll hurt. ASIC’s powerful, if ill-fitting, teeth

Suddenly, ASIC is about to have real power. It'll be easier to get prosecutions and they will hurt, even if the law remains less than completely clear.
ASIC boss James Shipton has signalled a shift to more vigorous enforcement and Treasurer Scott Morrison has bolstered the regulator’s funding to enable this. Luis Ascui/AAP

Embedding regulators in banks can help change cultures of wrongdoing, despite the risks

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.
From the first hearings of the royal commission, the senior counsel assisting, Rowena Orr QC, laid bare the toxic culture behind many consumer lending practices. Eddie Jim/AAP

Restructuring alone won’t clean up the banks’ act

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.

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