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ASIC guidance on use of administrative powers in enforcing financial services laws

ASIC has issued guidance to help financial services industry participants better understand ASIC’s administrative powers in the enforcement of financial services laws. ASIC has a range of remedies available to it, broadly classified as criminal, civil and administrative actions in performing its regulatory responsibilities. These remedies can be used on their own or in combination. The guide, titled Licensing: Administrative action against financial services providers, outlines how ASIC will use administrative remedies to enforce compliance of Australian financial services (AFS) licensees, and their representatives, with these laws. It will also inform consumers about financial services, explaining how ASIC seeks to protect the public and reinforce the integrity of the industry. ‘ASIC would like to ensure that investors have confidence in the advice they receive from financial planners’, Ms Jan Redfern, ASIC dxecutive director of enforcement said. ‘To achieve that aim, ASIC will take action to deter financial services participants from breaking the law. Administrative actions are one of the key enforcement tools available to ASIC in regulating the industry’, she said. The guide indicates the matters ASIC takes into account in determining whether administrative action is the most appropriate regulatory response. It also provides some indicative guidance on the kinds of factors ASIC will consider when determining the length of a banning order, including examples of relevant misconduct for illustration.

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