ASIC far from done with RC prosecutions

The Australian Securities and Investments Commission (ASIC) has signalled that it far from finished with referrals from the Royal Commission with the Commonwealth Director of Public Prosecutions (CDPP) actively considering criminal action in at least three cases with more under investigation.

In a report on enforcement actions undertaken by ASIC released this week, the regulator said that while four cases were being considered for criminal action by the CDPP, 17 were under investigation with some involving the use of external counsel.

“We are expediting the finalisation of our Royal Commission-related enforcement work through the strategic use of increased funding from the Government,” ASIC said.

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“We have significantly increased the resources dedicated to referrals and case studies from the Royal Commission, which focus on contraventions of the financial services and credit laws by a range of financial institutions, superannuation trustees and insurers. In expediting these matters, we have also strategically deployed resources through the use of external counsel and law firms.”

ASIC then went on to detail its Royal Commission related activities stating the commissioner made 13 referrals to ASIC of which:

  • Two are the subject of civil penalty litigation (Nulis Nominees (Australia) Limited and
  • MLC Nominees Pty Ltd, and TAL Life Limited);
  • One is being considered by the Commonwealth Director of Public Prosecutions
  • (CDPP) for potential criminal action following our investigation;
  • Seven remain under investigation; and
  • Three have been concluded with no further action being taken.

It said the Royal Commission also examined 32 case studies. From these case studies:

  • One, relating to NAB, was recently finalised—a former branch manager was sentenced to 12 months imprisonment to be served by way of an intensive corrections order;
  • Four are the subject of civil penalty litigation (Select AFSL Pty Ltd, Dover Financial Advisers Pty Ltd, Doyle and NAB unlicensed home loan introducers;
  • Two are being considered by the CDPP for potential criminal action;
  • Seventeen are under investigation (some with external counsel involvement); and
  • Eight have been concluded with no further action being taken.



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Good. If ASIC don't go after NULIS (NAB) and sanction that "Exec" - NULIS being in the big end of town and not some hapless Adviser in the suburbs who wasn't very good at record keeping - then they don't have cred to be a Regulator. We will also see what happens, if anything, to the RI Execs in relation to Doyle. Betcha nothing happens to the Management responsible in either of these two cases.

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