Changes to the way bankers work has forced the corporate cop to suspend its program of embedding staff within banks.

Im sure ASIC would say that data surveillance is still very good but the truth of the matter is that if there was no benefit in physical surveillance in the past then they wouldnt have done it.
Agents of the regulators spent a total of 219 days on-site and met with 774 bank staff at AMP, ANZ, Commonwealth Bank, NAB and Westpac over the last year and half.
The focus of CCM was to observe how bank staff handled disputes, reported breaches and how they interacted with members of their compliance team.
ASIC described CCM as one of the more powerful elements of its regulatory toolkit designed to quickly identify and respond to conduct that produces unfair outcomes while describing it as a key example of our supervisory focus on early intervention and harm minimisation.
Among the findings to have prompted the program were statistics showing it was taking banks around four years to identify a problem and another four months to report the breach to ASIC.
Once reported to ASIC it would take the banks roughly another year and a half or a total of six years before the customers who were ripped off to be repaid.
In articulating its priorities, ASIC said it will defer its onsite work until further notice and will also push out publication of a report from the program which was expected around the middle of the calendar year.
ASIC will continue to work closely with other Council of Financial Regulators agencies to monitor our largest financial institutions in other forms, particularly where there is a risk of consumer detriment or to market resilience, the regulator said.
Swinburnes Ms Bird said the changes in approach were necessary but warned the relationships between the banks and their regulators would become even more complex as the crisis deepened, with potential criticism moving from a place of regulatory capture to regulatory dependence.
What the current crisis does is heighten the tension between being agile as a regulator and making it easier for companies to raise capital, protecting the interests of consumers and ensuring confidence in the market, Ms Bird said.
ASIC was given another $400 million in funding last year to assist with the program which was to be ramped up under what the regulator described as more intensive supervision.