The report in The Australian today about the big banks putting intense pressure on ASIC to amend the regulator’s draft media releases is very concerning.
It is vital for Australian consumers that ASIC has the ability to do its work as a regulator independently – and not be beholden to or pressured by the banks.
A strong and independent regulator is a critical part of Australia's financial system.
ASIC's independence should not be compromised in any way, particularly by the institutions it is there to regulate.
Today’s report is further evidence of a need for a Royal Commission to get to the heart of the cultural issues and problems in the banking and financial sector.
WEDNESDAY 19 APRIL 2017
Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.