ASIC poised to claw back $800m penalties in record enforcement year
The corporate cop will comfortably eclipse its previous enforcement record, FOI data shows, after a string of big court wins.
The Australian Securities and Investments Commission is on track to secure more than $800 million in penalties this financial year as its enforcement efforts secure a record breaking amount of fines from corporate Australia.
Fresh data released under freedom of information laws viewed by Capital Brief shows the corporate regulator racked up $423.8 million in civil penalties in the 10 months to 30 April — four times more than its total last financial year.
Since then, ASIC has secured a further $300.2 million worth of penalties against collapsed contracts for difference (CFD) issuer Union Standard International Group and its authorised representatives in June, in what was the highest ever amount secured in connection with an ASIC matter.
The huge win alone was enough to eclipse the annual civil penalty record set in FY22 of $229.9 million. Combined with other late wins in May and June, ASIC will more than triple that figure to eclipse $800 million of civil penalties this financial year.
