Thursday, 4 June 2015

ASIC considers criminal sanctions for poor financial company culture

The corporate regulator ASIC says it is considering the need for criminal sanctions and pushing for heavy fines for poor cultures in the financial services sector.
The Australian Securities and Investments Commission’s chairman Greg Medcraft told a Senate Estimates hearing that he wants to be able to charge banks and their directors when company culture has allowed for misconduct by employees.
The corporate regulator says it is considering the need for criminal sanctions and heavy fines for poor cultures in the financial services sector.
ABC.NET.AU

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