Watchdog bites one a week
Herald Sun 31 March 2016
The corporate watchdog banned one person from working in financial services every week, on average, over the six months to December. The Australian Securities and Investments Commission removed 27 individuals from the industry during the period and secured $149 million in compensation and remediation for consumers and investors.
ASIC has been probing misconduct by financial advisers in the wake of an industry-wide scandal, and said yesterday it completed 86 investigations in the period and laid 42 criminal charges.
"ASIC does everything in its power to detect and take action against those who break the law, to ensure consumers can have trust and confidence in our financial markets and financial services industry" ASIC commissioner Greg Tazer said in a statement.