03 Apr 2019
The Australian government said it will increase funding of its two main financial-sector regulators in the wake of a year-long inquiry into banking misconduct, and will expand the Federal Court’s jurisdiction to include corporate crime.
The Australian Securities and Investments Commission (ASIC) will get an additional A$405 million ($288 million) and the Australian Prudential Regulation Authority’s (APRA) budget will be increased by $152 million, budget papers showed on Tuesday.
The government said the ASIC money would help fund more enforcement actions, the embedding of staff at major institutions, and to deliver on an expanded mandate to monitor the superannuation sector.
APRA was expected to strengthen its supervisory and enforcement roles, including on “governance, culture and remuneration” and to enhance regulation of superannuation funds.
By John Mair, Reuters, 2 April 2019
Read more at Reuters
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