ASIC staff embed into CBA offices
(25 October 2018 – Australia) As part of a broader program to step up the supervision of Australia’s big four banks, staff from the corporate regulator will be embedded into workplaces with CBA the first cab off the rank.
Staff from the Australian Securities and Investments Commission are expected to work inside CBA for several weeks depending on whether they identify any issues, and then what the scope and size of those issues are.
ASIC staff will not be permanently placed inside banks but will go in and out to avoid regulatory capture, the concept that a regulator is working too closely with its regulated population.
CBA has confirmed it would be first in ASIC’s embedding program.
“As we have previously indicated, we welcome this move by ASIC as a positive and constructive step forward in the regulatory oversight of the banking industry,” a spokesman for the bank said.
“We look forward to working closely with ASIC to help produce the best outcomes for all of our stakeholders.”
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