Banks open to ASIC veto on products
Banks are willing to accept changes that would allow the corporate watchdog to more tightly control or even ban the sale of higher risk financial products that threaten to harm consumers.
As part of its response to Labor calls for a royal commission into banking, one option being considered by government is to fast-track plans to beef up the Australian Securities and Investments Commission's powers to influence specific products, alongside introducing tougher civil penalties for corporate wrongdoing.
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