CANBERRA, Sept. 15 (Xinhua) -- Australia's new Treasurer Josh Frydenberg has laid the blame for widespread misconduct in the banking industry at the feet of the nation's corporate regulator.
In his first newspaper interviews since being sworn-in as Treasurer and elected deputy leader of the governing Liberal Party in August, Frydenberg described revelations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Since public hearings began in February, the commission has uncovered evidence of widespread misconduct, including banks charging dead customers fees, customers being charged fees for no service and companies lying to ASIC.
"How did this occur on (ASIC's) watch? They were obviously aware of examples of this misconduct but there weren't penalties issued and the conduct stamped out," Frydenberg told News Limited on Saturday.
"It's completely unacceptable."
Legislation to give ASIC greater power is currently before the Senate but Frydenberg said that he and Prime Minister Scott Morrison, who served as Treasurer between September 2015 and August 2018, would introduce a new "remediation" power to speed up compensation for victims of misconduct.
The royal commission on Monday and Tuesday heard evidence of insurance companies offering thousands of policies unsolicited, which is an illegal act in Australia.
In one case, the father of a man with Down syndrome was described by staff of one company as a "whinger" after trying to cancel the life insurance policy that was sold to his son illegally.
Addressing the state of Australia's economy, which grew by 3.4 percent in the June quarter, Frydenberg said that it was in "good shape."
"I feel I've inherited an economy in good shape," he said.
