Treasury is seeking feedback on draft legislation to introduce a stiffer penalty regime for corporate and financial sector misconduct.

The raft of proposals in the bill include doubling maximum imprisonment penalties and significantly increasing financial penalties for serious white-collar criminal offences.

Financial penalties for civil contraventions would be raised more than five-fold to $1.05 million, or three times the benefit gained, depending which is greater.

If passed, the bill will ensure the Australian Securities and Investments Commission is “properly armed” to police the financial services and corporate sectors, Treasurer Josh Frydenberg and his deputy Stuart Robert say in a joint statement.

Submissions are due by October 23. For more details, click here.