ASIC finds its regulatory teeth

The Australian Securities & Investments Commission (ASIC) has launched about 25 cases against banks in the wake of the financial services royal commission. ASIC commissioner Sean Hughes says further legal action is pending, and he says it is possible that further misconduct and wrongdoings in the financial sector will emerge. Hughes adds that banks are starting to take their obligation to submit breach reports in a timely manner a lot more seriously following the royal commission. From The AFR:

“We are not at the bottom of the well yet,” Commissioner Hughes said.

“My own view is that it is too early to say they have met all their obligations; there is a lot of dirty laundry that needs to be washed first.”

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