ASIC helped kick 70 people out of financial services in the first half of the year
From January to June 2021, the Australian Securities and Investments Commission (ASIC) helped courts impose $ 29.6 million in civil penalties and prosecute 133 people or companies for strict liability offenses, the update revealed. day of the first semester on the application of the business regulator.
According to the document, released Thursday, ASIC has removed or restricted 70 people from providing financial or credit services, while 19 people have been disqualified or dismissed as company directors.
In financial services, ASIC has concluded 50 financial services enforcement cases as of June 30, while 26 criminal and 18 financial services-related civil cases are still in court as of July 1.
Ten of the 50 cases were related to misconduct in financial advice, while five involved wrongdoing in the management of investments and two related to pension misconduct.
Overall, between January and June 2021, ASIC recorded the following application results:
- $ 29.6 million in civil penalties imposed by the courts;
- 133 people or companies prosecuted for strict liability offenses;
- 70 people or entities suppressed or prevented from providing financial services or credit;
- 19 people disqualified or dismissed as directors of companies;
- Five people imprisoned and five others sentenced to non-custodial sentences;
- Three statements of offense issued;
- A binding commitment by a court accepted by ASIC.
ASIC confirmed that it initiated 12 civil sanction proceedings during the period and initiated legal action targeting malpractice in insurance, pensions, markets, auditing and credit.