Banks tipped to settle as ASIC prepares fresh wave of lawsuits

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Banks tipped to settle as ASIC prepares fresh wave of lawsuits | clancyyeates

, Mr Crennan noted key cases had been settled or would be soon. He said this was "appropriate" in royal commission cases, adding "we hope that that continues."

Mr Crennan, a former barrister leading ASIC's enforcement push, said a "very important" legacy of the Hayne commission was ASIC's more aggressive use of litigation - which he argued was a "transparent" and "flexible" way of dealing with misconduct. “There are criminal investigations on foot, and there are criminal investigations relating to the royal commission against individuals currently on foot,” he said.

"We now have a sharper focus on ensuring the interests of customers are at the forefront of decision making and on the need to provide greater support to customers in vulnerable circumstances," Mr King said in a statement.

 

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