ASIC’s enforcement report for January to June 2015 focuses on three current enforcement priorities:
- tackling poor culture;
- retail margin foreign exchange (FX) trading; and
- illegal phoenix activity (particularly in the construction industry).
In the area of financial services the report lists compensation agreements made where consumers have suffered loss due to systemic failures within an organisation.
ASIC’s consumer protection activities have focussed on inappropriate lending, financial advisers and SMSFs.
Financial services misconduct covered:
- credit
- unlicensed conduct
- Dishonest, unconscionable or misleading conduct
- misappropriation, theft or fraud.
ASIC is planning to incorporate examinations of culture into its role as a conduct regulator by incorporating an examination of culture into its risk-based surveillance reviews.
