Asic’s former chief economist says asking the banks to pay for regulator puts it at risk of ‘capture’ by financial industry and won’t fix widespread misconduct The Turnbull government’s plans to shift the Australian Securities and Investments Commission onto a user-pays funding model will fail to fix the destitute conduct plaguing the financial industry,a former Asic chief economist has warned.
Economist Alex Erskine, who was Asic’s chief economist between 2007 and 2013, and has also warned the user-pays model will increase the likelihood that the regulator may be “captured” by the banks it is supposed to be regulating.
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Source: theguardian.com