ASIC’s Annual Report for the 2016–17 financial year has been tabled today, Thursday, 26 October 2017, in the Australian Parliament.
ASIC’s vision is to allow markets to fund the economy and, in turn, economic growth.
In 2016–17, ASIC continued to position itself for the future and to take action to achieve its vision.
The Annual Report details ASIC’s performance for the financial year.
First and foremost, ASIC is a forward-looking and proactive regulator. Where we detect misconduct, we respond by using our resources and powers to ensure that there are meaningful consequences for perpetrators.
During 2016–17, ASIC:
- secured more than $837 million in compensation and remediation for Australian investors and consumers
- secured 20 criminal convictions, with 13 people jailed
- prosecuted 409 directors for 723 offences in failing to assist registered liquidators
- secured approximately $5.2 million in civil penalties
- banned 208 people and companies from providing financial services and credit
- disqualified 51 people from directing companies
- issued 74 infringement notices, totalling $4.3 million.
ASIC continued to assist investors and consumers build their financial capability by providing financial education and resources through multiple channels.
During 2016–17, ASIC:
- received more than 7 million visits to the ASIC MoneySmart website
- produced 96 new financial literacy resources and tools — including the Simple Money Manager to help culturally and linguistically diverse Australians with everyday budgeting.
ASIC Chairman Greg Medcraft said, 'Ensuring that Australians can have trust and confidence in the financial system and that markets are fair and efficient is at the heart of everything we do at ASIC.
'One ASIC is the cornerstone of our change agenda. It is about transforming common systems and processes, and how we use data, to better ‘connect the dots’ and achieve more regulatory outcomes for Australian investors and consumers,' he said.
'Significantly, the introduction of industry funding gives us greater funding certainty and ensures we are resourced to achieve our vision. It will establish price signals for industry — enabling business to better understand the job we do and the cost of doing that job.
'As the financial sector continues to evolve, it is crucial that ASIC remains a proactive, forward-looking, courageous and independent regulator to achieve its vision for the benefit of all Australians.'