Among the changes are double maximum imprisonment penalties and significantly increased financial penalties for some of the most serious ‘white-collar’ criminal offences, said Treasurer Josh Frydenberg.
In addition, penalties for individuals for civil contraventions would also be increased more than five‑fold, from $200,000 to $1.05 million, or three times the benefit gained (whichever is greater) from the contravention.
According to Mr Frydenberg, the draft legislation also seeks to:
- introduce criminal offences that sit alongside strict and absolute liability offences;
- harmonise and expand the infringement notice regime; and
- introduce a new test that applies to all dishonesty offences under the Corporations Act.
“These proposed changes seek to implement key recommendations of the ASIC Enforcement Review Taskforce, and complement action the government has already taken including providing $70.1 million in additional funding to ASIC to bolster its enforcement capabilities and establishing a new one-stop shop for consumer complaints,” Mr Frydenberg said.
Sadly all this means is that smaller licensees will bear the brunt of ASIC attacks whilst the big banks and AMP continue to walk all over clients with impunity. It is stunning that Dover has been wound up whilst the biggest players with the biggest breaches continue on their merry way.
Haha so what will change. Nil action till now, they are just being reminded of what they should be doing now. No changes and life and corruption goes on. 10 years time it will be the same, greed and $$$$s will win, execs still do the same and advisers cop the fallout. Wake up, management are a protected species all in the name of profit