Big Banks Face More Scrutiny as Australia Regulator Embeds Staff
- ASIC given additional A$70 million to beef up bank oversight
- Financial industry has been rocked by inquiry into misconduct
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Australia’s securities regulator will embed supervisors in the big-four banks in a push to get tough on corporate misbehavior after a string of scandals.
Australian Securities & Investments Commission staff will be placed inside Commonwealth Bank of Australia, Westpac Banking Corp., National Australia Bank Ltd., Australia & New Zealand Banking Group Ltd. and embattled wealth manager AMP Ltd.