ASIC helped expel 70 people from financial services in H1

From January to June 2021, the Australian Securities and Investments Commission (ASIC) aided the courts in imposing $29.6 million in civil penalties and in prosecuting 133 people or companies for strict liability offences, the corporate regulator’s first-half Enforcement Update revealed.

According to the document, published on Thursday, ASIC removed or restricted 70 people from providing financial services or credit, while 19 people were disqualified or removed as directors of companies.

In regard to financial services, ASIC concluded 50 financial services enforcement matters to 30 June, while 26 criminal and 18 civil financial services-related matters remained before the courts on 1 July.

Ten of the 50 cases were linked to financial advice misconduct, while five pertained to wrongdoings in investment management and two to superannuation misconduct.

Overall, between January and June 2021, ASIC recorded the following enforcement outcomes:

• $29.6 million in civil penalties imposed by the courts;
• 133 people or companies prosecuted for strict liability offences;
• 70 people or entities removed or restricted from providing financial services or credit;
• 19 people disqualified or removed as directors of companies;
• Five people imprisoned and five more given non-custodial sentences;
• Three infringement notices issued;
• One court enforceable undertaking accepted by ASIC.

ASIC confirmed it commenced 12 civil penalty proceedings during the period and commenced court action targeting misconduct in insurance, superannuation, markets, auditing and credit.