‘Real harm’: Record $830m in fines against banks, financial firms
Australian financial regulators secured a record $830 million in civil penalties against banks and financial firms over the past year for various misconduct issues. The ASIC chair emphasized that the agency will continue to pursue legal action against companies for systemic failures and consumer harm.
Why it matters
The record fines signal a more aggressive regulatory environment aimed at protecting consumers and enforcing corporate accountability in the financial sector.
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Share A A A Banks, super funds and financial services firms were collectively hit with a record $830 million in court-ordered civil penalties over misconduct in the last 12 months, as the corporate watchdog vows to continue taking legal action against major companies causing “real harm”.
The penalties bill for the 2025-26 financial year followed hefty fines for firms including HSBC, Westpac, Macquarie Securities, Mercer Super and Union Standard since January. The Australian Securities and Investments Commission (ASIC) achieved the milestone in fines despite its landmark defeat in March in its legal action against the board of Star Entertainment over governance failures at the casino operator.
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