ASIC wants BEAR extended to financial services
The Australian Securities and Investments Commission (ASIC) wants the Bank Executive Accountability Regime extended to all areas of financial services.
The chairman of ASIC, James Shipton has told the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that he has a strong belief that the BEAR should be extended to other areas.
He said he believed an extension of the BEAR would have a significant deterrent effect on business leaders within financial services companies.
In other testimony, Shipton reinforced that ASIC would be far more litigious than it has been in the past.
He said ASIC should be testing the limits of the law more often on the basis that it would provide a strong argument for enhancing the penalties and powers available to the regulator.
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