ASIC has today released its Enforcement Update for July to December 2021.
During this period, ASIC continued to act against misconduct to maintain trust and integrity in Australia’s financial system and promote a fair, strong and efficient financial system for all Australians.
Between July and December 2021, ASIC recorded the following enforcement outcomes:
$84.3 million in civil penalties imposed by the courts;
99 people or companies prosecuted for strict liability offences;
21 people or entities removed or restricted from providing financial services or credit;
31 people disqualified or removed as directors of companies;
Six people given custodial sentences and 10 people or companies given non-custodial sentences.
ASIC commenced 21 civil penalty proceedings during the period and commenced court action targeting misconduct in insurance, superannuation and markets as well as system failures within major banks.
This period also marked the filing of ASIC’s last civil proceeding stemming from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. All of ASIC’s Financial Services Royal Commission investigations are now complete, with 10 proceedings still before the courts. As at 31 December 2021, the total penalty amount from ASIC proceedings resulting from the Financial Services Royal Commission was $110.67 million.