Regulator to focus next on misconduct in banking and superannuation sectors
The Australian Securities and Investments Commission (ASIC) reported a 95% success rate in civil and criminal prosecutions, securing $32.2 million in civil penalties and achieving nine criminal convictions.
The regulator has recently released its latest enforcement and regulatory update, outlining its enforcement actions and regulatory initiatives during the first half of the year.
ASIC said that over the period, it launched 63 new investigations, commenced 12 civil proceedings, and completed 550 surveillances.
Key areas of focus included a review of how 10 large home lenders supported customers in financial hardship, as well as whether superannuation trustees were taking adequate steps to improve retirement outcomes for their members.
Our latest #enforcement and #regulatory update provides an overview of ASIC’s work and key matters during the first half of 2024.
— ASIC Media (@asicmedia) September 9, 2024
Read the report https://t.co/AkZCpcT0Tc
“We have seen first-hand the impact on lives and livelihoods when lenders fail to appropriately support customers experiencing financial hardship,” said Sarah Court (pictured above), deputy chair of the Australian Securities and Investments Commission. “In the wake of our review, we put the lending industry on notice.
“We are actively conducting investigations into suspected breaches of hardship obligations. We will not hesitate to take enforcement action to ensure compliance.”
The national corporate regulator also completed a review of scam prevention, detection, and response activities at 15 banks outside the four major banks. This follows a review of scam-related practices at the four largest Australian banks, detailed in a report released in April 2023.
In the coming months, ASIC will release the findings of its surveillance into how superannuation funds handle death benefit claims. The regulator also plans to continue its enforcement efforts around greenwashing and other misconduct.
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