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ASIC has announced a crackdown on loan fraud and unethical financial advisers.
Commissioner Greg Tanzer said the regulator had a “strong record on enforcement” and had achieved 340 “enforcement outcomes” for the six months to 31 December 2013.
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That number included criminal and civil actions as well as the banning or disqualifying of individuals and companies, he added.
Mr Tanzer said ASIC had also achieved some “negotiated outcomes” that resulted in financial services firms implementing long-term cultural changes.
“At the moment ASIC is focusing on stopping misleading advertising of products and services and market misconduct, including insider trading. We are also strong on the responsibility of gatekeepers – people like directors, financial advisers, auditors and liquidators,” he said.
“Our future areas of focus include loan fraud, false accounting, and takeovers and shareholder disclosure, as well as an ongoing focus on advertising.”
Mr Tanzer said ASIC was willing to push for prison sentences, but that people’s behaviour could also be changed by other means.
“We stress enforcement is often a contested process that takes time and resources; it is not always simple or swift, and requires evidence that, if tested, has to stand up in a court of law,” he said.
