Mr Morrison and assistant treasurer Kelly O'Dwyer announce expanded powers to ASIC to regulate the financial sector on Wednesday.
Tougher copBy Wednesday this week, Morrison had conceded that ASIC needed to be a "stronger cop on the beat". ASIC fights backASIC rejected much of the criticism outright in its response to the review. Photo: Alex EllinghausenASIC has had its powers boosted by Treasurer Scott Morrison as he seeks to head off calls by Labor for a royal commission.


To that end, he announced, ASIC would have new product intervention powers, designed to stop dangerous or risky financial products from being flogged to consumers. In the background, however, it continued snipping away with efficiency dividends.In the eyes of the Abbott government, ASIC was a bloated bureaucracy busily ensnaring companies in needless red tape.
Photo: Louise KennerleyKaren Chester's review of ASIC found a gulf in perceptions on performance. Its data analysis and surveillance abilities would be bolstered to the tune of $61.1 million.


But the Chester review called on ASIC to consult more and be more "outward looking in its interactions with regulated entities".Much of this difference of opinion can be explained, of course, by the differing agendas of those opining. Photo: Alex Ellinghausen Australian Bankers' Association chief Steven Munchenberg unveiled a review of bank procedures and remuneration.



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