Share Coverage
Send to KindleCategory: Banking / Industry / Business, Economics and Finance / Government and Politics / Federal Elections / Budget
Big banks to foot bill for ASIC corporate crime crackdown
Wednesday, 20 Apr 2016 05:10:46 | Dan Conifer
Businessmen leave a Commonwealth Bank self-service branch in Melbourne's CBD. (ABC News: Margaret Burin)
The Federal Government will today announce a $120 million boost to the corporate regulator to target banking crime and misconduct.
The strengthening of the Australian Securities and Investments Commission (ASIC) follows a string of scandals and Labor proposing a Royal Commission into the sector.
The ABC understands the Government will increase a levy on banks, raising $120 million over four years for the watchdog.
The funding will help replace cuts made under the former Labor government and in the 2014 budget.
A new ASIC commissioner focussing on banking prosecutions will also be appointed.
The moves come after a nine-month review into ASIC and talks between the Treasurer Scott Morrison and the commission over recent days.
Labor earlier this month proposed a $53 million, two-year judicial investigation into financial sector misconduct.
A number of Coalition backbenchers support the Opposition’s push and six Coalition MPs told a partyroom meeting yesterday they were angry with the banks.
Senior Government ministers argues a royal commission would take too long and would not deliver results for victims.
More to come.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
