The Australian Securities and Investments Commission (ASIC) raised $582 million in fees and charges last year, but claims it is delivering more bang for all the bucks.
ASIC chairman Tony D’Aloisio used the regulator’s annual report, tabled in the Parliament this week, to acknowledge that the fees raised by ASIC had risen by 5 per cent to $582 million — largely as a result of the number of newly incorporated companies over recent years.
However the annual report also revealed what ASIC had delivered in 2009-10, with 23 criminal proceedings resulting in 22 convictions and 12 people being jailed.
The annual report said the regulator had also completed 30 civil proceedings and obtained more than $287 million in recoveries, costs and fines, with $15.5 million in assets frozen.
It said ASIC had been successful in 94 per cent of civil litigation and 80 per cent of criminal matters which represented an average of 91 per cent overall.
The ASIC annual report listed Opes Prime, Storm Financial, Westpoint, Australian Capital Reserve, Fincorp and Octaviar as being among the matters it had dealt with during the financial year.
