Regulator nets almost $160m in fines

The latest enforcement update from ASIC has noted that court cases brought by the regulator in the six months to December last year under its 'why not litigate' strategy netted almost $160 million in civil penalties.

In a statement, the regulator said it had gained civil penalties totalling $159.8 million in the six months from July to December 2020 as a result of its court actions.

"This included ASIC’s two largest ever civil penalty outcomes – penalties totalling $57.5 million were imposed on two NAB subsidiaries for fees-for-no-service misconduct, and penalties totalling $75 million were imposed on OTC derivatives provider AGM Markets Pty Ltd and two of its authorised representatives for systemic unconscionable conduct," ASIC said.

The regulator said it had seen a 64 per cent increase in civil penalty proceedings in the 2020 calendar year compared to 2018.


"During the July to December 2020 period, ASIC also continued to progress its enforcement work related to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry," ASIC said.

The regulator said case study referrals from the royal commission had resulted in a total of $77.65 million in penalties so far.

Regulator nets almost $160m in fines
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