Last month, Treasurer Josh Frydenberg declared war on corporate regulator ASIC over its enforcement of responsible lending rules, stating that the regulator needs to be overhauled so it conforms to the will of parliament:
“They must pursue their mandates in a manner that is consistent with the will of the parliament,” he said. “There need to be mechanisms to hold them to account”…
There has been a long-running dispute between Asic and Frydenberg over responsible lending rules and a backlash by the financial sector against tougher regulation proposed by the banking royal commission.
