What's next for the regulators?
* Much-criticised Australian Securities and Investments Commission and Australian Prudential Regulation Authority to continue operating, but with oversight from an independent watchdog
* New conduct-focused accountability regime regulated by ASIC and extended to non-prudentially regulated entities (eg non-bank credit lender such as Prospa, and all financial advisers)
* APRA to bolster its supervision of 'culture and governance'
* $170 million extra funding to ASIC, APRA, the Commonwealth Director of Public Prosecutions and the Federal Court
* ASIC to become the primary conduct regulator for superannuation
* Breaches of industry codes of conduct will be able to include 'enforceable code provisions', which if broken could constitute a breach of the law and lead to remedies for victims
* Regulators to have access to civil penalties for specific breaches of the law for superannuation trustees and directors
* Expanding the jurisdiction of the Federal Court to cover corporate criminal misconduct.
--
(Source: Banking Royal Commission Final Report)
Share
