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ARTICLE · 21 NOVEMBER 2018

ASICs new approach to regulation by embedding supervisory staff in banks

Holding Redlich
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ASIC proposes plans to encourage good behaviour rather than constantly remind of the consequences of bad behaviour.

AustraliaFinance and Banking
Lyn Nicholson
Lyn Nicholson
Rebecca Siri
Rebecca Siri
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On 17 August 2018, as part of his opening statement to the Parliamentary Joint Committee on Corporations and Financial Services, ASIC's chairman James Shipton, announced plans to embed teams of up to 20 ASIC agents for weeks at a time to sit with bank staff, drop into meetings and trail the CEO, executives and directors to identify misconduct before it arises.

Interestingly, as part of this same speech, he indicated his deputy chair, Peter Kell, was unable to attend as he was appearing as a witness at the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission).

The interim report of the Royal Commission has been released with the Executive Summary raising several pertinent issues that are relevant to this announcement, including:

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