ob体育 has today released its enforcement update report for the period 1 July to 30 December 2020.
A copy of the report - outlining key actions taken during the period to enforce the law and support ob体育鈥檚 enforcement objectives - can be found here.
The July to December 2020 period saw civil penalties totalling $159.8 million imposed by the courts. This included ob体育鈥檚 two largest ever civil penalty outcomes 鈥� 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.
ob体育鈥檚 enforcement update report also outlines the increased resourcing to build our capability to pursue court outcomes. Comparing the 2018 and 2020 calendar years, ob体育 has recorded a 64% increase in civil penalty proceedings as well as a 36% increase in the number of criminal proceedings commenced.
During the July to December 2020 period, ob体育 also continued to progress its enforcement work related to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The finalised ob体育 investigations and court outcomes from the Royal Commission have so far resulted in a total of $77.65 million in imposed penalties.
Read the full report or listen to the podcast at the links below.
The ob体育 Podcast: Episode 63
For more information on ob体育鈥檚 enforcement outcomes from July to December 2020, listen to Episode 63 of The ob体育 Podcast with ob体育 Commissioner Sean Hughes.
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