Asic urges Coalition not to bow to ‘loud voice’ of banks and water down regulations

Australian Securities and Investments Commission deputy chair, Karen Chester, says banks have ‘empathy gap’ that needs closing

The corporate watchdog has called on the Morrison government not to bow to “the loud voice of exceptionalism” by yielding to pressure from the banks to water down stricter regulations of the financial services sector.

In a speech to company directors on Friday afternoon, Australian Securities and Investments Commission deputy chair, Karen Chester, said last year’s banking royal commission “identified the cumulative and damaging exceptionalism that took hold in the legislative norms of conduct for the financial system” and it was important the government’s program of legislation implementing the royal commission’s recommendations should press ahead.

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from World news | The Guardian https://ift.tt/2rEuhM8