Banking royal commission: Regulators should be sacked, Abbott

From the man who can’t keep his mouth shut, Abbott’s advice

The Abbott government’s 2014 budget set in motion $120 million of cuts to ASIC’s funding over four years, leading to the loss of more than 200 staff. At the time, the government emphasised a greater role for self-regulation instead of government intervention.

Former ASIC chair Greg Medcraft was vocal in his criticism of the budget cuts and pushing for tougher penalties for misconduct.
Former prime minister Tony Abbott.

In 2016, the Turnbull government restored the funding and boosted the regulator’s investigative powers.

via Banking royal commission: Regulators should be sacked, Abbott

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s