Aussie regulator signals tougher misconduct stance

sydney
Sydney: Australia's largest banks are under close scrutiny

A repeat of the kind of conduct risk failures that saw Australia’s largest banks and insurers bribing staff to hit sales quotas and selling life insurance to dead customers will be met with the full force of newly beefed-up laws, a senior regulator at the Australian Securities and Investments Commission has warned.

Cathie Armour, a commissioner at Asic, said her watchdog intended to take full advantage of recent changes to the law when it comes to conduct risk enforcement, which have seen jail

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