ASIC staff to be placed into banks, insurers

The Australian Securities and Investments Commission (ASIC) has announced it will be embedding staff in major financial institutions to keep a watchful eye over goings-ons. 

ASIC will receive more funding, an extra $70 million over the next two years, with $8 million being used to put ASIC staff into companies like major banks. Another $6 million will be used for making updates and improvements to the Financial Advisers Register, and keeping licensees and advisers on track with Future of Financial Advice regulations. 

The team of 'hall monitors' will consist of 20 people, who will spend significant periods of time inside financial institutions, to engage at every point in the financial institution to provide effective oversight.