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