New Zealand Markets closed

ASIC investigations up by 20% in a year

The financial regulator has increased the number of enforcement investigations it is undertaking by 20 per cent as it responds to the recommendations and referrals from the financial services royal commission.

The Australian Securities and Investments Commission says the number of investigations rose by a fifth from July 2018 to stand at 88 by July 31 this year.

Of 88 enforcement investigations and 17 court actions underway, 86 relate to the major banks and AMP, and ASIC says it is trying to speed up completion of all enforcement matters thanks to increased government funding.