ASIC enforcement actions reach five-year high

The Australian Securities and Investments Commission (ASIC) reported its highest level of administrative enforcement activity in five years during the 2025-26 financial year. The regulator recorded 150 total enforcement outcomes, marking a 42 per cent increase from the previous year.

Key actions included the removal or restriction of 87 individuals and businesses from providing financial services, 27 from providing credit services, and the disqualification of 36 individuals from managing corporations. Notably, the number of disqualified directors almost tripled compared to the prior 12-month period.

Much of this activity was driven by the fallout from the Shield and First Guardian Master Fund collapses, which resulted in 15 adviser bans. Other high-profile actions included a permanent ban for former financial adviser Barry King for misappropriating client funds and falsifying documents. ASIC Chair Sarah Court stated that these administrative powers allow the regulator to act decisively to disrupt misconduct and protect consumers and investors.