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​ASIC backs plan to give regulators power to fire erring top bankers

( June 6, 2017, 07:33 GMT | Insight) -- Australia's corporate watchdog has defended a government plan to give regulators the power to penalize, remove or disqualify senior bank executives as "vitally important" to cleaning up the embattled sector, the Australian Financial Review reports.Australia's corporate watchdog has defended a government plan to give regulators the power to penalize, remove or disqualify senior bank executives as "vitally important" to cleaning up the embattled sector, the Australian Financial Review reports. In a speech in Sydney, Australian Securities and Investments Commission Deputy Chairman Peter Kell said that regulatory power was crucial to establishing the right incentives for firms to operate in the right way. The planned additional powers for the Australian Prudential Regulation Authority were outlined last month as part of Canberra's new accountability regime for banks and other financial institutions. Banks have protested the plan, saying it compromises APRA's prudential supervision....

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