Borrow
Corporate regulator continues crackdown on Australia’s biggest names
In the last year alone, ASIC has reported a more than 50 per cent increase in enforcement investigations related to some of Australia’s largest banks.
Corporate regulator continues crackdown on Australia’s biggest names
In the last year alone, ASIC has reported a more than 50 per cent increase in enforcement investigations related to some of Australia’s largest banks.
In an update for the period from September 2019 to February 2020, the Australian Securities and Investments Commission highlighted the 52 per cent increase in enforcement investigations involving CBA, NAB, Westpac, ANZ and AMP – or their officers or subsidiary companies.
There has also been a 10 per cent increase overall in the number of ASIC enforcement investigations.
This is on top of the 13 referrals made to the corporate regulator through the royal commission – two that are the subject of civil penalty litigation, while one is being considered by the Commonwealth director of public prosecutions for potential criminal action.
While three were concluded with no further action being taken, ASIC acknowledged that seven remain under investigation.
Reiterating its stance around the principle of “why not litigate?”, the update outlined that the commission “will continue to use the courts to clarify the law where there is uncertainty”.
Since ASIC created its Office of Enforcement in July 2019, ASIC noted the office “has continued to increase its capacity to investigate and take action in response to market, corporate and financial sector misconduct”.
As at 1 January 2020, ASIC has noted 316 investigations taking place, relating to matters including directors’ and officers’ breaches, insider trading and market manipulation, auditor and liquidator breaches, and breaches of licensing obligations.
ASIC also indicated it is currently prioritising misconduct related to superannuation and insurance, cases that engage ASIC’s new powers or provisions, illegal phoenix activity, auditor misconduct, as well as new or emerging types of misconduct online or using emerging technologies.
ASIC said it will “also always prioritise taking action on certain types of misconduct”.
It highlighted significant market misconduct, misconduct that is serious by its nature or extent of harm, misconduct carrying a high risk of significant consumer harm, and criminal conduct by individuals, or governance failures at a board or executive level.
The commission outlined that it remains focused “on enhanced supervision of the financial services sector to promote enduring cultural and behavioural change and fair outcomes for consumers”.
It also highlighted its response to “emerging issues as they arise – for example, in our coordinated response to the recent bushfire crisis”.
About the author
About the author
Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more
Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
‘There’s no shame in deferring payments’
Deferring mortgage repayments is “a lesser evil” than having to sell property in the current market if you can hold off, a mortgage broker has advised. ...Read more
Banking
Standing on the shoulder of giants: How Australia’s fintechs can tap into open source
Australia has developed a vibrant fintech scene, which, in one year alone, grew by a staggering 37 per cent. The surge has ushered in a new era of financial products and services, from fully online ho...Read more
Banking
Billion-dollar bank blowout for fees for no service
To date, six of Australia’s largest financial institutions have reported a need to return more than $1 billion in compensation to customers who suffered as a result of fees for no service or non-com...Read more
Banking
Are bank branches becoming a thing of the past?
Banking may never be the same post-pandemic, with a new survey showing Australians have made some pretty drastic changes to the way they use and move money. ...Read more
Banking
Banks to extend COVID-19 loan deferrals beyond ‘September cliff’
Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, as creditors try to avoid the September cliff. ...Read more
Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more
Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
‘There’s no shame in deferring payments’
Deferring mortgage repayments is “a lesser evil” than having to sell property in the current market if you can hold off, a mortgage broker has advised. ...Read more
Banking
Standing on the shoulder of giants: How Australia’s fintechs can tap into open source
Australia has developed a vibrant fintech scene, which, in one year alone, grew by a staggering 37 per cent. The surge has ushered in a new era of financial products and services, from fully online ho...Read more
Banking
Billion-dollar bank blowout for fees for no service
To date, six of Australia’s largest financial institutions have reported a need to return more than $1 billion in compensation to customers who suffered as a result of fees for no service or non-com...Read more
Banking
Are bank branches becoming a thing of the past?
Banking may never be the same post-pandemic, with a new survey showing Australians have made some pretty drastic changes to the way they use and move money. ...Read more
Banking
Banks to extend COVID-19 loan deferrals beyond ‘September cliff’
Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, as creditors try to avoid the September cliff. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
