NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The Australian Securities and Investment Commission (ASIC) has released its latest enforcement update report for the period 1 July to 30 December 2020.
The July to December 2020 period saw civil penalties totalling $159.8 million imposed by the courts. This included ASIC’s two largest ever civil penalty outcomes – penalties totalling $57.5 million were imposed on two NAB subsidiaries for fees-for-no-service misconduct, and penalties totalling $75 million were imposed on OTC derivatives provider AGM Markets Pty Ltd and two of its authorised representatives for systemic unconscionable conduct.
ASIC’s enforcement update report also outlines the increased resourcing to build our capability to pursue court outcomes. Comparing the 2018 and 2020 calendar years, ASIC has recorded a 64% increase in civil penalty proceedings as well as a 36 per cent increase in the number of criminal proceedings commenced.
During the July to December 2020 period, ASIC also continued to progress its enforcement work related to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The finalised ASIC investigations and court outcomes from the Royal Commission have so far resulted in a total of $77.65 million in imposed penalties.
A copy of the report – outlining key actions taken during the period to enforce the law and support ASIC’s enforcement objectives – can be found here.
NIBA has responded to the Australian Small Business and Family Enterprise Ombudsman’s report into small business insurance issues
The federal budget for 2021-22 delivered by the treasurer Josh Frydenberg has addressed many of the concerns being faced by small businesses
The Federal Government has announced the National Recovery and Resilience Agency to help support local communities respond to large-scale natural disasters
The Australian Tax Office (ATO) Decision Impact Statement on the Apted decision indicates that more Australian businesses may be eligible for JobKeeper