By Janine Perrett

So the corporate cop who had the chutzpah to claim we need to crack-down and criminalise the "culture" of companies, now finds his own chiefs think his organisation is pretty crook.

Capability is the word.

Today the results of the government review into ASIC will finally be revealed and, according to the latest of a week long deluge of leaks, the regulator's own culture looks like being identified as part of the problem as well as it's funding issues.

Well, they probably won't use the exact word "culture" because that's a new thing that ASIC chief Greg Medcraft has dreamed up recently, but the concept is the same.

Governance and leadership will be cited as two areas in need of change and the organisation’s current "unsustainable" strategy.

The Government is expected to announce sweeping changes to the funding and powers of the regulator but those latest leaks reveal the so-called "Capability Review" has recognised the problems are much deeper than ASIC chief Greg Medcraft wanted to admit.

The fine details can be discussed tomorrow after the release but at least my main criticism looks to be addressed ( see last Friday column) that ASIC itself was the problem even before the latest round of funding cuts.

And while problems are inherent in any organisation, particularly a public service one, one would assume the chief executive of five years can take some blame which is why it beggars belief that the heavily criticised Mr Medcraft will be reappointed to oversee this major overhaul.

(He's not called "the Houdini of the regulatory set" for nothing to quote Adele Ferguson. You remember her? - the journo who singlehandedly uncovered all the banking scandals that ASIC ignored and she didn't need an extra $120 million to do it. Or even $1 million).

And amid all the grandstanding today, it should be remembered that the Capability Review was commission by previous Treasurer Joe Hockey in response to widespread criticisms over ASIC's handling of those recent financial scandals.

For all the credit I shall give the government for the review and implementing it, one point should be noted; it was handed down last December and took until Labor wedged them politically over a banking Royal Commission for them to act suddenly.

The review claims ASIC was too "reactive".

The same problem of this current Government you could argue.