Australia a 'haven for white collar crime' because of bad culture at ASIC | The Business | ABC News

A 20-month Senate inquiry has found Australia's corporate watchdog ASIC has a rotten culture and that's led to Australia becoming a haven for white collar crime.
The inquiry recommends it be split up to create a corporations regulator that looks into insider trading issues and a financial services regulator that hears consumer complaints.
Both bodies would need to ramp up the number of cases they investigate after the inquiry heard only about one per cent of reports are looked into.
A new public register would be set up detailing how many civil and criminal cases have been pursued and whistleblowers would be given a financial reward or compensation for reporting misconduct.
The Committee chair Andrew Bragg says it’s unlikely the recommendations will be adopted in this term of government, but that there needs to be an overhaul so that more cases are taken to court and consumers are better protected against financial misconduct.
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