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Australian regulator says on-site at major financial firms since Oct

Credit: REUTERS/David Gray

Australia's investment regulator said on Wednesday its staff have been on-site at the offices of Australia's major banks and wealth manager AMP Ltd since October last year to monitor firms after a probe into the sector.

Sept 11 (Reuters) - Australia's investment regulator said on Wednesday its staff have been on-site at the offices of Australia's major banks and wealth manager AMP Ltd AMP.AX since October last year to monitor firms after a probe into the sector.

The Australian Securities and Investments Commission (ASIC) said its staff have been conducting on-site reviews for 164 out of 222 working days since October 2018.

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

(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))

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