ASIC enforces penalties for greenwashing and adviser misconduct

The Australian Securities and Investments Commission (ASIC) conducted several enforcement actions during the third quarter of 2026. Notably, the NSW Supreme Court approved a $7.3 million penalty for Fiducian Group following allegations of greenwashing. The court found that Fiducian Investment Management Services (FIMS) lacked reasonable grounds for its environmental, social, and governance (ESG) statements and exhibited governance and oversight failures.

Additionally, ASIC issued a five-year ban to former MWL Financial Services adviser Nicole Liu. The regulator stated that Liu misled clients regarding the performance of the Shield Master Fund and recommended high-risk investments despite the fund's limited trading history. ASIC also updated its public register of Australian Financial Services Licences (AFSLs) involved in lead generation activities, adding 19 entities to increase industry transparency.