ASIC chairman Joe Longo says the corporate cop is finally turning a corner, but there are plenty of critics who think the only answer for ASIC is ‘radical change’.
In his final report, banking royal commissioner Kenneth Hayne found the corporate cop had failed so abysmally that it might need to be broken up.
Though he labelled the idea a “radical change”, Hayne said the enforcement culture of the Australian Securities and Investments Commission was so bad, it could be better to create a whole new civil enforcement agency.
Ronald MizenPolitical correspondentRonald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
