Corporate Watchdog ASIC has requested more funding from the federal government to install staff into the big banks to combat misconduct.
ASIC would install specialist supervisors to ensure compliance with rules and regulations in the wake of banking misconduct uncovered in the royal commision, and comes after ASIC’s approach to regulating has been criticized for being subservient.
Financial Services Minister Kelly O’Dwyer is expected to receive the proposal in the coming days.