The Australian Securities and Investments Commission has racked up $311 million in fines and penalties in just four months, as the corporate regulator answers critics who say it is a toothless tiger with a flurry of prosecutions ahead of chairman Joe Longo’s departure next year.
ASIC data shows the watchdog has secured court orders or agreements to pay the fines from banks, lenders and other entities for regulatory breaches so far this financial year.
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Andrew Hobbs covers self-managed superannuation funds (SMSFs), financial planning, retirement, inheritance, tax, personal finance and, sometimes, the Perth Bears. He has been a financial journalist for 30 years, previously at Bloomberg and AAP.
