Commonwealth Bank acknowledges today’s announcement by the Government to strengthen the corporate regulator. We recognise the importance of ASIC’s role in policing good customer outcomes across the community as well as their critical role in building a strong financial services sector.

Banks also have an important role to play in ensuring customers have confidence in the system. In our submission to the Financial System Inquiry in March 2014 we outlined our support for an industry funded model and additional powers to protect consumers, where the case was clearly substantiated.