Footnote:
In: Company and Securities Law Journal, Vol. 39, No. 6, 2022, pp. 225-251
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 31, 2022 erstellt
Description:
An important factor that is critical to the quality of financial advice is enforcement of the laws relevant to financial advisers. To what degree are these laws enforced and, where they are enforced, what types of enforcement action does Australia's corporate and securities regulator - the Australian Securities and Investments Commission (ASIC) - take? To answer these questions the authors examined all successful ASIC enforcement actions against financial advisers between January 2017 and December 2020 in relation to financial adviser misconduct. During this research period there were a total of 146 successful enforcement actions by ASIC concerning financial adviser misconduct. The main type of misconduct involved financial advisers not acting in their clients’ best interests or providing inappropriate advice. A key finding is the extensive reliance on orders banning advisers from providing financial services on a temporary or permanent basis. Civil and criminal actions and enforceable undertakings were much less frequently used