The Australian Securities and Investments Commission (ASIC) will undergo some radical change over the next year following a decision to accept the recommendations of a wide-ranging strategic review.

The shake-up will see ASIC’s four “silo” directorates abolished in favour of 17 teams dedicated to various economic portfolios, including retail investors and consumers, investment managers, investment banks and superannuation funds.

Chairman Tony D’Aloisio set up the review after taking up the position in May last year.

ASIC will also put more money into the supervision of financial services intermediaries and operators of exchange-traded products and surveillance of exchange-traded markets. An external panel will also be established to advise ASIC on market developments and key issues.

The regulator is also reducing the number of senior managers from 54 to 41.