ASIC commissioners will be part of a “corporate cop” rollout into our major financial institutions.

The federal government has given the Australian Securities and Investment Commission (ASIC) more powers to hit major financial players who do the wrong thing.

They will now have the power to embed their own “corporate cops” into the big four banks and AMP to crack down on misconduct.

ASIC’s Deputy Chair Daniel Crennan tells Ross Greenwood the process could take “months” but commissioners will be on the “frontline” at the start.

“We are now working out the model that we’re going to apply,” Mr Crennan says.

“Not only will it be these people going out there and being embedded, but certainly at the beginning, it will extend to commissioners.

“We will be part of the initial rollout.

“We will be there at the frontline of the process.”

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Mr Crennan says the community has the right to expect better from our financial institutions and ASIC’s new powers will help hold them to account.

“The regulatory toolkit, when it’s enhanced, will provide us with the opportunity to seek much higher penalties, much longer criminal sentences and it will also attach civil penalties to sections that didn’t previously have a civil penalty regime.

“It’s certainly our intention, and its the parliament’s intention, that we will get this regulatory tool-kit and we will use it and use it to improve conduct across the board.”