23 Nov 2018
Australia’s corporate regulator told an inquiry on Thursday that funding cuts and an increasing mandate had hampered its ability to prevent wrongdoing in the financial sector, and slammed bank bosses for failing to properly respond to its inquiries.
Australian Securities and Investment Commission Chairman James Shipton told the inquiry into financial sector wrongdoing that bank CEOs seemed to have little interest in speaking candidly to him and their demeanor in meetings was “muted”.
“ASIC is under-resourced compared to some of our peers globally,” Shipton, who started in the job in February, told the powerful Royal Commission inquiry that has exposed rampant misconduct throughout the country’s financial industry.
– By Paulina Duran and Byron Kaye, Reuters, 22 November 2018.
Link to Reuters.
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