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‘Corporate cops’ to hit major banks in a matter of weeks

The government will embed “corporate cops” inside Australia’s major banks and AMP within weeks, in a bid to deal with misconduct.

The Australian Securities and Investments Commission (ASIC) has been given an extra $70 million to roll-out the scheme.

Twenty ASIC staff will embed themselves into the nation’s major financial institutions to ensure they don’t break rules and regulations.

Financial Services Minister Kelly O’Dwyer tells Ben Fordham the “corporate cops” could be rolled out in “a matter of weeks”.

She says they won’t be going undercover.

“I think it’s going to be pretty clear what they’re there to do and certainly that’s been the approach in the UK and the US as well.

“What it does, is it means instead of the regulator simply being reactive… this will allow them to be very proactive in ensuring that misconduct doesn’t happen.”

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