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Asic to embed staff in big banks to enforce compliance

Supervisors from corporate watchdog will be stationed inside Australia’s biggest financial institutions as part of crackdown

Asic officials will be “embedded” inside Australia’s five biggest financial institutions – Commonwealth Bank, Westpac, NAB, ANZ and AMP Capital – under a $70m plan to improve monitoring of their governance and compliance.

The corporate regulator will also establish a taskforce to identify failings inside large listed companies, and conduct on-site surveillance and investigations of those companies.

Related: Superannuation trustees left alone with $2.6tn and ‘surrounded by temptation’

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Source: The Guardian