Three of Australia’s largest banks could face prosecution following a year-long investigation into misconduct recommended tougher oversight and better consumer safeguards. Three of Australia’s largest banks could face prosecution following a year-long investigation into misconduct recommended tougher oversight and better consumer safeguards. Mr Hayne reported to Treasurer Josh Frydenberg, who said the financial sector must change. The government accepted the report’s recommendations to strengthen protections for consumers and improve financial sector accountability and regulatory effectiveness. A new oversight authority would also report regularly on the effectiveness of the two regulators in the financial sector, the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.

Source: Irish Independent February 04, 2019 09:11 UTC