ASIC ramps up enforcement action

ASIC has delivered 150 administrative enforcement outcomes in 2025-26, including the removal or restriction of 87 individuals and businesses from providing financial services as the regulator intensifies action against misconduct across the financial sector.

Between 1 July 2025 and 30 June 2026, ASIC also removed or restricted 27 individuals and businesses from providing credit services and disqualified 36 individuals from managing corporations.

Financial services removals and restrictions reached their highest level in five years, while director disqualifications rose sharply from the previous financial year.

ASIC chair Sarah Court said administrative powers allowed the regulator to intervene quickly to prevent further harm.

"These administrative powers are critical levers that allow ASIC to act quickly and decisively to stop misconduct, protect consumers, investors and small businesses, and efficiently remove unsuitable operators from the market," Court said.

"They can often be deployed more swiftly than or ahead of court action to help prevent further harm, drive behavioural change and strengthen trust and confidence in Australia's financial and corporate markets."

Of the financial services and credit outcomes, 61% and 89%, respectively, resulted in permanent banning orders or licence cancellations.

ASIC issued 77 permanent bans and cancellations, comprising 31 individuals and 46 organisations. A further six individuals were banned for 10 years, while 31 received bans of less than 10 years.

Of the 36 director disqualifications, 18 were for the maximum five-year period available under the Corporations Act.

Among the regulator's enforcement actions was the permanent banning of Abdullah Popal from providing financial services and engaging in credit activities following fraud convictions involving the dishonest transfer of almost $90,000 from former clients.

ASIC also permanently banned former financial adviser Barry King after finding he had misappropriated client funds and provided false documents.

The regulator disqualified former Victorian property development director Kylie Campbell for five years following company failures that resulted in substantial debts and losses for creditors.

ASIC also banned 15 advisers linked to the Shield Master Fund or First Guardian Master Fund during the financial year and took further action against associated licensees and responsible individuals.

"Every banning order, licence cancellation and director disqualification removes a pathway for rogue operators to continue earning a living from misconduct," Court said.

"If you misuse a position of trust, fail to meet your obligations or engage in misconduct, ASIC can and will act to remove you from the market."