The Australian Securities and Investments Commission will be given increased powers and an extra deputy chairperson, under a government plan to strengthen the regulator.
Financial Services Minister Kelly O'Dwyer says the government intends to nominate senior lawyer Daniel Crennan to the second deputy position, to enhance ASIC's enforcement capabilities.
Legislation introduced to parliament on Wednesday would give ASIC the power to intervene in the sale and distribution of financial products where there is risk of consumer detriment.
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