ASIC penalties 'like being hit with a lettuce leaf': MurrayBY LAURA MILLAN | WEDNESDAY, 25 MAR 2015 12:25PMThe penalties applied by the Australian Securities and Investment Commissions (ASIC) are so weak that they are like being hit with a lettuce leaf, Financial System Inquiry chair David Murray said. Related News |
Editor's Choice
Iress bets on AI as business transformation moves forward
|Iress is shifting its focus from business simplification to executing an ambitious artificial intelligence (AI)-driven product strategy that will help financial advisers slash work processes by nearly 40%.
Macquarie AM-led consortium finalises Qube takeover
|Macquarie Asset Management (MAM) and a consortium of global investors, including UniSuper and the family office of a Spanish billionaire, have completed their $11.7 billion acquisition of logistics and infrastructure giant Qube Holdings.
Alexis George takes on board appointment
|Former AMP chief executive Alexis George has taken on a new board position, five months after announcing her intention to retire.
CFS launches pension bonus
|Colonial First State (CFS) has launched new retirement solutions offering eligible members a one-off payment when moving from accumulation into retirement.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The penalties can be 1000 times bigger as the corporates and institutions can afford it. The original ASC was the best but too many of the "mates" were done over - so they have gone back to the old days of being beaten by feathers and useless undertakings.
I agree with Murrays statement, "The penalty regime in ASIC is like being hit with a lettuce leaf, it's just not strong enough." However that's if they take any action at all, which in the majority of cases presented to them they don't take any action at all.
The cry for more funding is ludicrous as all matters should be self-funded by fines and penalties imposed. As far as the investigative work, leave that to the private sector who take up work on a success fee again funded from the fines and penalties imposed by ASIC.