In its 2020–21 annual report released on Friday, the corporate regulator confirmed $189.4 million in civil penalties and a 28 per cent increase in new criminal litigation.
The figure is a substantial increase on last year’s report, in which ASIC secured $24.9 million.
However, total Australian Financial Services (AFS) licences cancelled or suspended in 2020–21 was reported as 308, down from 333 in the 2019–20 report.
Also, 873 licence applications are still in progress.
Fifty-three new criminal litigation cases commenced in the last financial year, up from 41 on 2019–20. However, the total dollar value of fines from criminal outcomes was reported at $151,100, down from $731,650.
ASIC chair Joe Longo said the regulator is committed to supporting the Australian economy through the COVID-19 pandemic.
“Across the financial year, ASIC made targeted interventions and implemented a number of relief measures to assist Australia’s corporate sector, while also making great strides towards implementing the financial services royal commission reforms,” Mr Longo said.
“In addition to this important work, in 2020–21, ASIC finalised many of the enforcement matters arising from the royal commission and increased its enforcement action generally.”
It must be used to reduce the fees that Financial Advisers pay. ASIC needs to realise that the compliant advisers must be retained otherwise advice will not be affordable and advice will be limited to the affluent.
Can I have my share please?
ASIC are a disgrace, and unfortunately Josh Frydenberg has no inclination to ensure they behave in an honourable manner.
SERIOUSLY WHY ARE WE PAYING THEM A LEVY??????
So that’s $95 Million dollars owed to Financial Advisers.
As Financial Advisers are ASICs legal funders, a 50% share is generally paid to the funders.
ASIC please give Advisers our share for front funding your legal cases and operations.
Great – other than $0 what did this amount do to offset the fees passed onto advisers…?
So whenever they want more funds they find some banks or Advisers to pillage?
And we are still paying a Levy to fund their litigation costs…..WHY??????