'Obey the law': ASIC rebukes banks

James Frost, John Kehoe and Vesna Poljak

Mar 28, 2019 – 12.00am

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ASIC chairman James Shipton has called out the banks for resisting obeying the law and for spreading the "myth" of a credit squeeze triggered by a regulatory crackdown, saying his patience was wearing thin.

His chief enforcer Daniel Crennan, QC, backed up his boss warning the regulator would no longer tolerate any "brinkmanship or gamesmanship", flagging a spike in the number of civial and criminal court actions at it pursued an aggressive style of enforcement.

James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.

Vesna Poljak was The Australian Financial Review’s companies editor.