ASIC bans drop by 50% in second half of 2019

According to ASIC's latest Enforcement Update released on Wednesday, just 48 individuals were banned from providing financial services or credit in the six months to December 2019, compared with 103 in the six months to June 2019.

The number of investigations commenced by the regulator had also dropped, from 77 in the six months to June to 60 in the six months to December.

Equally, the number of infringement notices issued by ASIC also declined from five in the six months to June to one in the six months to December, although consumer compensation rose in the period from $19.2 million to $22.2 million.

There was also an increase in individuals charged in criminal proceedings, from 10 in the six months to June to 17 in the six months to December 2019.

In terms of financial services actions as of January 2020, the regulator said there were 11 cases resolved relating to dishonesty and misleading statements, while 17 were in progress. Five cases were also resolved in the six months to December relating to misappropriation, theft or fraud.