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Australian regulator has monitored financial firms on-site since Oct

Credit: REUTERS/David Gray

Australia's corporate regulator said on Wednesday it has been conducting long-term on-site monitoring at the offices of major banks and wealth manager AMP Ltd since October, after a probe into the sector revealed wide-ranging misconduct.

ASIC says on-site at the ‘Big Four’ banks, AMP

Says over 550 banking staff interviewed

Adds details, ASIC comment

Sept 11 (Reuters) - Australia's corporate regulator said on Wednesday it has been conducting long-term on-site monitoring at the offices of major banks and wealth manager AMP Ltd AMP.AX since October, after a probe into the sector revealed wide-ranging misconduct.

The country last year granted the Australian Securities and Investments Commission (ASIC) powers to place supervisors inside firms after a broad inquiry into the sector exposed systemic wrongdoing by some of the Australia's top financial institutions.

ASIC said its staff have been conducting on-site reviews for 164 out of 222 working days since October 2018.

During this time, ASIC said it has met with more than 550 staff at all levels.

"Two early areas of focus have been breach reporting and complaints handling, issues that go to the heart of an institution's compliance and customer focused culture," ASIC said in a statement.

Commonwealth Bank CBA.AX, Australia and New Zealand Banking Group ANZ.AX and National Australia Bank NAB.AX weren't immediately available for comment.

Westpac Banking Corp WBC.AX and AMP declined to comment.

(Reporting By Rushil Dutta in Bengaluru; Editing by Sam Holmes)

((rushil.dutta@thomsonreuters.com; +91-80-6749-1130; Reuters Messaging: rushil.dutta.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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