ASIC's new enforcement unit headed by deputy chairman Dan Crennan will aim to deter lawbreakers by taking big scalps with heavy fines and prison sentences after the regulator was criticised for being too soft during the banking royal commission.
The Office of Enforcement will focus on ensuring compliance though naming, shaming and punishing lawbreakers and will weigh negotiated settlements against the benefits of "a prison sentence, civil penalty or other court-based outcome".
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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
