Australia's corporate watchdog, ASIC, isn't prosecuting enough white-collar crime and can't perform its full range of duties, so a Senate committee has recommended it split into two new, more streamlined regulators.
  • In short: A Senate committee recommends ASIC be split up, to create a corporations regulator and a financial services regulator.
  • Key findings of the report include a “bad culture” at the corporate watchdog, and a sprawling bureaucracy that is unable to prosecute white-collar crime.
  • What’s next? Committee chair Andrew Bragg says its unlikely the recommendations will be adopted in this term of government.

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