ASIC blocks 3,500 investment scams since web capability launch
The Australian Securities and Investments Commission (ASIC) has announced some updates on its enforcement and regulatory efforts to combat investment scams and protect consumers from harm.
The corporate watchdog said its scam website takedown capability, which launched in July 2023, has eradicated close to 3,500 investment scam websites since it was introduced.
ASIC said it had also increased its activity in preventing consumer harm across market integrity issues, greenwashing and insurance failures, as well as encouraging compliance with the law.
“Cost of living issues mean more Australians are looking for ways to make ends meet and scammers are only too happy to try and take advantage. That’s why ASIC is stopping investment scams at the source of their promotion, removing them from the internet before they can lure in unsuspecting consumers,” ASIC Chair, Joe Longo, said.
“We’ve already examined the way major banks detect, prevent and respond to scams, resulting in ASIC setting expectations that all financial institutions take steps to improve their approaches. We have now turned our attention to a broader range of banks and superannuation trustees to ensure they’re doing all they can to protect their members and customers from predatory scammers.”
In the half-year to 31 December 2023, ASIC commenced 83 investigations and achieved $59.8 million in civil penalties handed down by courts. There were also nine criminal convictions out of criminal charges laid against 19 individuals, as well as 19 civil proceedings filed and 347 surveillances completed. Around 80 per cent of civil and criminal litigations were also successfully completed.
“Australians can continue to expect significant regulatory and surveillance work from ASIC in the coming months,” Longo said.
“We are scrutinising the way lenders comply with their hardship obligations, how banks support First Nations consumers to access low-fee accounts, and how superannuation trustees deliver important member services, such as how they handle death benefits claims. We will continue to work to ensure the financial system works for all Australians.”
Wonder how many they missed?
So after only $3,5 BILLION SCAMMED off Aussie’s last year, plus Billions more unreported.
And years of BILLIONS SCAMMED many years before, ASIC finally wake up to the problems.
And you can bet most of the work ASIC are doing will be billed to Real Advisers via the double taxation, Govt theft that is the ASIC Adviser Levy.
Give yourself a pay on back ASIC :-/
“pay on the back” – loving the freudian slip there!!
No mention in any of this about cracking down on illegal advice given by accountants that recommend inappropriate, inhouse administered, SMSFs.
No mention about cracking down on illegal switching advice given by union super call centres that causes consumers to lose valuable insurance.
No mention about misleading and deceptive advertising by union super funds that promote “balanced” options with more than 90% growth assets.
And definitely no mention about easing up on the persecution of honest, licensed, financial advisers that leads to professional advice being more complex and expensive, and consumers being drawn to crooks and scammers instead.