And good on it, at Domainfax:
Australian Securities and Investments Commission boss James Shipton has called for a radical increase in the regulator’s funding and slammed delays to legislation that will dramatically increase penalties against business crooks.
Appearing at a parliamentary hearing in Canberra, Mr Shipton made his strongest speech since being appointed to the top job at the regulator last year.
Mr Shipton told the hearing that the stalled legislation to increase corporate penalties by up to 10 times was essential for ASIC to be able to do its job properly.
The new laws will make it possible to jail perps for ten years and fine firms $210m.
Of course the corrupt RBA and captured Treasury are dead against it:
The Reserve Bank of Australia and Treasury have privately cautioned the Morrison government that any regulatory response to the financial services Royal Commission must be careful to avoid putting the brakes on lending to home buyers and business.
The Australian Council of Financial Regulators must be an interesting place right now…
