The Federal Government has given extra power to Australia’s corporate watchdog following revelations of bad behaviour by the banks.

Treasurer Scott Morrison says he is “deeply disturbed” by revelations made by AMP senior executive Anthony Regan that the company lied to ASIC on at least 20 occasions.

He tells Ross Greenwood prior to yesterday’s banking royal commission hearing, ASIC had already engaged in an investigation, warning the offences can carry a hefty punishment.

“These are very serious issues… these offences can carry jail sentences.

“In the meantime, we’re not going to wait around.”

The Treasurer has vowed to act on better protecting customers and has increased ASIC’s power.

“The action is what matters, and the actions that are needed and have been undertaken is increasing the resources for AISC, increasing the powers to ASIC.”

Listen to the full interview below