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
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

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

5 days 10 hours ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

1 week 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND