Asic warns on poor culture

Author: Ashley Lee | Published: 14 Aug 2015

The Australian Securities and Investments Commission (Asic) plans to follow the efforts by the US and UK in focussing on culture within financial firms, said chairman Greg Medcraft at a parliamentary hearing today.

At the Parliamentary Joint Committee on Corporations and Financial Services, Medcraft highlighted Asic’s increased focus on the issue. "If we find a firm’s culture is lacking it is a red flag that there may be broader regulatory problems," said Medcraft in his opening remarks.

Its initiative follows the UK’s senior managers regime, in which managers of a firm must...



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