Banks Pay To Boost ASIC Powers
Australia’s banking sector is said to be bankrolling the Australian Securities and Investments Commission (ASIC) to the tune of $127 million as part of a “reform package”, largely aimed at improving its data analytics and market surveillance capabilities.
Announcing the move, Treasurer Scott Morrison said the money would allow ASIC to be “a stronger cop on the beat”.
“The broad reform measures will equip ASIC with stronger powers and funding to enhance surveillance capabilities, better enabling our corporate watchdog to combat misconduct in Australia’s financial services industry and bolster consumer confidence in the sector,” he said.
Around $61 million will go towards “enhanced data analytics and surveillance capabilities”, as well as modernising ASIC’s data management systems, while $57 million will go to “increased surveillance and investigation” capabilities, Morrison said.
“This will ensure that ASIC will have best-practice analytical techniques to detect financial sector misconduct and equip ASIC with improved management information systems,” the Government said.