In its latest enforcement outcomes report, covering 1 January to 30 June 2016, ASIC said the regulator is making progress with several investigations targeting a range of misconduct within the largest financial advice firms.
The project has resulted in three individuals permanently banned from the industry and another 14 banned for a specified period. Two people have also entered into an enforceable undertaking, four received conditions and fines, and one person was charged in criminal proceedings that occurred during the report period.
Of these actions taken by the regulator, six involved NAB and another six involved CBA. Macquarie Bank was linked to five of the actions while three concerned AMP, two Westpac and another two concerned ANZ.
The Wealth Management Project was launched in October 2014 in a bid to lift the “standards of major financial advice providers, the quality of their financial advice and their remediation of clients who suffered loss as a result of their failure of action,” ASIC said.
The report revealed that during the six months to 30 June 2016, ASIC secured $13.4 million in compensation and remediation for consumers and investors, down from $149 million in the previous period.
The regulator said it will dedicate the next six months to focusing on market integrity, companies with poor corporate governance, its Wealth Management Project and matters currently before the courts.
“ASIC is working hard to maintain trust and confidence in Australia’s financial services industry,” ASIC commissioner Greg Tanzer said.
“This report is a document of our strong track record and dedication to taking strong enforcement action where required.”
