The Australian Securities and Investments
Fee (ASIC) stated it secured a complete of $229.9 million in civil penalties
from its enforcement actions through the 2021-20222 monetary yr.
The Australian company, markets and
monetary providers regulator additionally secured convictions towards 33 people
through the interval.
ASIC disclosed these figures in its Annual Report for 2021-2022 which
outlines its key regulatory and enforcement actions through the monetary yr.
One of many important obligations ASIC
stated it launched through the interval is defending customers’ pursuits and
lowering the danger of hurt attributable to poor design, distribution and advertising and marketing.
Earlier in August, ASIC had stated its
four-year plan for 2022 to 2026, amongst different issues, priortizes the design and
distribution of merchandise and expertise dangers.
Moreover, ASIC stated it launched a
breach reporting regime, a hawking prohibition and a deferred gross sales mannequin throughout
its 2021-2022 monetary yr.
It defined that whereas the breach reporting regime
encourages its licensees to id and report breaches in a well timed
method, the hawking prohibition tackles shopper harms attributable to unsolicited product
presents.
However, the gross sales mannequin is “geared toward bettering shopper outcomes within the
add-on insurance coverage market.”
‘A 12 months of Important Regulation Reforms’
In a press assertion launched on Friday,
Joe Longo, ASIC Chair, famous that the regulator’s annual report “lined a yr
of serious regulation reforms following on from the Monetary Providers Royal
Fee.”
ASIC stated it took “robust and focused
motion” to rein in on actions dangerous to customers and the integrity of the
monetary trade.
Final month, the regulator warned market intermediaries,
together with brokers, towards the dangers of potential “id theft and fraud”
following the Optus knowledge breach.
ASIC additionally just lately warned brokers to be
cautious about providing high-risk funding devices or merchandise to retail
traders.
The regulator within the warning issued in August expressed concern about
brokers advertising and marketing themselves as ‘zero’ or ‘low price’ platforms.
“We now have labored with trade to mattress down
important reforms which supply customers and traders better safety from
poor behaviour, by way of extra rigorous accountability and obligations on
suppliers of monetary providers,” ASIC defined within the new assertion.
The ASIC Chair added that the Fee’s
company plan for the short-and-medium time period focuses on areas of
growing danger to customers. This consists of, amongst others, greenwashing claims and crypto
funding scams.
In the meantime, ASIC permitted 578 new licenses throughout
its 2022 fiscal yr, in keeping with its annual licensing report launched final month.
The variety of new licenses granted
between July 2021 and June 2022 jumped 26% year-on-year.
The Australian Securities and Investments
Fee (ASIC) stated it secured a complete of $229.9 million in civil penalties
from its enforcement actions through the 2021-20222 monetary yr.
The Australian company, markets and
monetary providers regulator additionally secured convictions towards 33 people
through the interval.
ASIC disclosed these figures in its Annual Report for 2021-2022 which
outlines its key regulatory and enforcement actions through the monetary yr.
One of many important obligations ASIC
stated it launched through the interval is defending customers’ pursuits and
lowering the danger of hurt attributable to poor design, distribution and advertising and marketing.
Earlier in August, ASIC had stated its
four-year plan for 2022 to 2026, amongst different issues, priortizes the design and
distribution of merchandise and expertise dangers.
Moreover, ASIC stated it launched a
breach reporting regime, a hawking prohibition and a deferred gross sales mannequin throughout
its 2021-2022 monetary yr.
It defined that whereas the breach reporting regime
encourages its licensees to id and report breaches in a well timed
method, the hawking prohibition tackles shopper harms attributable to unsolicited product
presents.
However, the gross sales mannequin is “geared toward bettering shopper outcomes within the
add-on insurance coverage market.”
‘A 12 months of Important Regulation Reforms’
In a press assertion launched on Friday,
Joe Longo, ASIC Chair, famous that the regulator’s annual report “lined a yr
of serious regulation reforms following on from the Monetary Providers Royal
Fee.”
ASIC stated it took “robust and focused
motion” to rein in on actions dangerous to customers and the integrity of the
monetary trade.
Final month, the regulator warned market intermediaries,
together with brokers, towards the dangers of potential “id theft and fraud”
following the Optus knowledge breach.
ASIC additionally just lately warned brokers to be
cautious about providing high-risk funding devices or merchandise to retail
traders.
The regulator within the warning issued in August expressed concern about
brokers advertising and marketing themselves as ‘zero’ or ‘low price’ platforms.
“We now have labored with trade to mattress down
important reforms which supply customers and traders better safety from
poor behaviour, by way of extra rigorous accountability and obligations on
suppliers of monetary providers,” ASIC defined within the new assertion.
The ASIC Chair added that the Fee’s
company plan for the short-and-medium time period focuses on areas of
growing danger to customers. This consists of, amongst others, greenwashing claims and crypto
funding scams.
In the meantime, ASIC permitted 578 new licenses throughout
its 2022 fiscal yr, in keeping with its annual licensing report launched final month.
The variety of new licenses granted
between July 2021 and June 2022 jumped 26% year-on-year.
