ASIC is a weak corporate cop, should be stripped of bank supervision: former ACCC boss Allan Fels

Former ACCC chairman Professor Allan Fels has described the Australian Securities & Investments Commission as weak and ineffective in fighting bank misconduct - and says it should be stripped of supervisory powers over banks. 

Professor Fels says those powers should be handed to the Australian Competition & Consumer Commission which unlike ASIC would be a feared corporate cop. Allan Fels has also backed a proposal from the Greens that the big banks and AMP be broken up. 

He spoke with the ABC's Peter Ryan on the ABC's AM program