ASIC has collected around A$250 million across the largest five firms in the industry by way of compensation for customers, "with likely more to come", ASIC told a parliamentary hearing on Friday.At a hearing dominated by the corporate regulator's response to the damning material aired at the royal commission into misconduct in financial services, James Shipton, the new ASIC chair, assured MPs that "the matters identified by way of testimony in relation to AMP at the royal commission were known to us."We were not surprised at all about the confronting matters. They were matters that were a part of a long, sophisticated and still ongoing investigation, which we intend to carry on and carry through."Shipton took the philosophical path where he could, drawing unfavourable comparisons between Australia's financial sector and financiers offshore battered by last decade's great recession."I am surprised that the lessons learned from other jurisdictions were not applied sooner in Australia, that those lessons were not embraced sooner by the sector's leaders," Shipton said."Unfortunately, we are where we are and that is why there is an enormous urgency right now for these leaders, and for all of the men and women in finance, to embrace this concept of professionalism."Shipton called out banks for taking "far too a legalistic approach … and many people inside those financial organisations, when it comes to responding to issues and to questions. Yes, of course, legal processes are important, but there is a need for a more professional, a more human minded and a more community-oriented response by financial institutions."