Source : Perth Now news
The number of businesses slapped with restrictions or disqualifications from the corporate watchdog has reached a five-year high.
Fresh figures from the Australian Securities and Investments Commission revealed it removed 150 rogue operators following investigations in the past financial year.
Data for 2025/2026 revealed the watchdog removed or restricted 87 individuals and businesses from providing financial services, while bans or restrictions were placed on a further 27 from credit services.
There were 36 people who were disqualified from managing corporations during the financial year.
It represents a 42 per cent increase from 2024/25 for the total number of enforcement actions taken by the watchdog.
Its chair Sarah Court said the measures were able to better protect financial customers.
“Every banning order, licence cancellation and director disqualification removes a pathway for rogue operators to continue earning a living from misconduct,” she said.
“By removing high-risk participants from the market, we are disrupting misconduct at its source and making it harder for those who disregard the law to continue operating.”
Among the highest profile actions included a permanent ban for former financial adviser Barry King for misappropriating funds from clients and falsifying documents.
The watchdog also banned 15 advisers linked to the failure of the Shield Master Fund or First Guardian Master Fund.
Data from the financial year showed 61 per cent of all actions for financial services and 89 per cent of credit outcomes led to a permanent banning order or the cancellation of a licence.
Ms Court said those in significant financial management positions needed to meet requirements.
“ASIC will continue to take decisive action against individuals and businesses that fail to meet their legal obligations,” she said.
