The federal government is proposing new penalties that could see bankers and financial executives who engage in corporate misconduct spend up to ten years in jail.
Treasurer Scott Morrison and Financial Services Minister Kelly O'Dwyer have made the announcement after a series of revelations from the banking royal commission.
The commission has heard the Commonwealth Bank of Australia has been extracting fees from dead people, while wealth manager A-M-P charged clients for advice they never received and repeatedly lied to the corporate regulator.
Individuals could now face 10 years jail or a fine of up to $1 million, while corporations could lose up to 10 per cent of annual revenue.
The powers of the the Australian Securities and Investments Commission (ASIC) will also be expanded.
