Morrison outlines ASIC powers on banks
Federal Treasurer, Scott Morrison, has confirmed he will be meeting with the Australian Securities and Investments Commission (ASIC) later this week amid his continuing claim that the regulator has powers tantamount to a Royal Commission and is well capable of dealing with banking industry issues.
In doing so, Morrison has also released an analysis of how ASIC's powers match those of a Royal Commission including coercive powers and admissibility and noting that the regulator has more power than a Royal Commission because it can commence a prosecution on its own motion.
Speaking to reporters, The Treasurer said Australia had "a tough cop on the beat when it comes to banking and the financial system".
"There are serious issues that need to be addressed there," he said.
Morrison said he had met with the Australian Prudential Regulation Authority (APRA) earlier this week and would be catching up with ASIC later this week.
Referring to issues raised with respect to the banking industry, the Treasurer said they were too important to be turned into an election stunt.
"It deserves far more serious treatment than that," he said. "The sort of serious treatment that is provided by regulators who will always have our support to do the job that they need to do."
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