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‘Corporate cops’ will have ‘demonstrable change’, says new ASIC boss

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Twenty so-called “corporate cops” will be on the beat in Australia’s major financial institutions within a couple of weeks.

In recent months the banking Royal Commission has uncovered systemic misconduct.

In a bid to deal with the problem, government has given $70 million to the Australian Securities and Investments Commission (ASIC) to roll-out the scheme.

ASIC staff will embed themselves in the four major banks and AMP.

The regulator’s new boss James Shipton says it will be their job to ensure consumers are protected.

He tells Ross Greenwood “we want to be proactive”.

“We want to be making decisions that maximise the outcomes so that Australians can have confidence in the financial system.”

Mr Shipton says the “strategic pivot” will have a “demonstrable change” on people inside financial institutions as their likelihood of interacting with the regulator goes up.

“At the end of the day, the misconduct, the misbehaviour, the bad decisions, the bad outcomes were the actions and acts of the financial sector.

“They should take first line responsibility for these issues at hand.”

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