Crennan first, Shipton next: Deeply flawed ASIC needs urgent cleanout – Sydney Morning Herald

What is glaringly obvious is the government needs to step in and dust off the Hayne royal commissions recommendation to create a Financial Regulator Accountability Authority to oversee ASIC and the Australian Prudential Regulation Authority (APRA).
It also needs to overhaul the structure because it is deeply flawed. Currently the model makes the chairman all-powerful as the “accountable authority”, the single person that everyone reports to including the chief financial officer, chief risk officer,…

Click here to view the original article.