How many advice enforcement outcomes has ASIC made this year?
There were 14 enforcement outcomes regarding misconduct in financial advice in the first six months of the year, according to data from the Australian Securities and Investments Commission (ASIC).
Assessing data from January-June 2022, ASIC said its financial advice enforcement outcomes consisted of seven administrative misconduct cases, five civil ones and two criminal cases.
This was the second-highest of the five sectors ASIC covered, behind credit misconduct which had 20 outcomes.
There were a further 10 enforcement outcomes regarding investment management; six administrative, three civil and one criminal case.
A further 12 financial advice cases were in progress and eight for investment management while one criminal case for investment management was under appeal as of 1 July.
Overall, some 31 individuals had been removed or restricted from providing financial services or credit and 26 had been disqualified or removed from directing companies.
Some $145.8 million had been imposed by the courts in civil penalties and $26,640 paid in infringement notices.
During the six months, ASIC also commenced its first conviction against market manipulation related to ‘pump and dump’ schemes.
Money Management previously detailed the number of charges made by ASIC against current and former financial advisers in the fist half of the year.
AUTHOR
Laura Dew
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
