Just over a third of ASIC’s financial services enforcement activity between July and December 2017 ended in court proceedings, the regulator’s latest enforcement outcomes report has shown.
According to the report, 25 per cent of all enforcement activity in the financial services space was remedied through civil proceedings, while a further 8 per cent resulted in criminal proceedings.
The figures also showed that dishonest conduct and misleading statements were the primary reason ASIC took action against financial services providers, accounting for 37 per cent of all misconduct.
Credit-related misconduct was a close second, accounting for a further 32 per cent of misconduct addressed by the regulator, with the remaining 31 per cent listed as “other financial services misconduct”.
During the period covered in the report, ASIC banned or restricted 54 parties from providing financial services, commenced 63 investigations, completed 61, accepted 12 enforceable undertakings, and saw $94.4 million in compensation and remediation paid to investors and consumers.
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