Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC far from done with RC prosecutions

ASIC/commonwealth-director-of-public-prosecutions/Royal-Commission/NAB/RC/australian-securities-and-investments-commission/cdpp/Select-AFSL/

27 February 2020
| By Mike |
image
image image
expand image

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.

“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.
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 16 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

4 days 10 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND