ASIC fees and charges reach $582 million
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.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
