Australia’s ASIC Removes 150 Rogue Finance Operators
Synopsis
The watchdog strengthened enforcement by banning or restricting finance professionals found to have engaged in misconduct, including misuse of client funds and breaches of directors' duties.
ASIC’s financial services, credit and company management regulatory and enforcement actions resulted in 150 administrative outcomes across Australia during the 2025-26 financial year.
During the 2025-26 financial year, ASIC recorded 87 financial services cancellations or restrictions, 27 credit-related measures and 36 director disqualifications, with the number of financial services removals or restrictions being the highest in five years.
Financial Services Actions Increase
Out of the 150 results, there were 77 instances affecting the financial and credit sectors resulting in permanent bans or cancellations of licences for 31 individuals and 46 entities.
In addition, there were six instances of ten-year bans and 31 shorter bans. There were also 36 director disqualifications, of which 18 involved the maximum allowable five-year director disqualification under Australian laws.
According to ASIC’s data, there has been a rise in its enforcement actions, with the number of actions increasing from 105 in the 2024-25 financial year to 150 in the 2025-26 financial year. Specifically, there were 110, 137 and 115 enforcement actions in 2023-24, 2022-23 and 2021-22, respectively.
It is noteworthy that ASIC’s recent enforcement actions extended beyond financial advisers to self-managed superannuation fund (SMSF) auditors. During the 2025-26 financial year, ASIC took administrative actions against 64 approved SMSF auditors, including 21 deregistrations, eight additional conditions, three suspensions and four disqualifications in the first half of the 2026 financial year.
SMSF auditors play a critical role in regulating Australia’s superannuation industry, overseeing more than 672,000 SMSFs with combined assets of over $1 trillion, according to ASIC.
Cases Behind the Latest Actions
The latest enforcement actions against financial advisers were taken after they violated responsible lending obligations and engaged in misleading and deceptive practices.
In particular, as mentioned above, in 2025, ASIC permanently banned former United Global Capital adviser Milutin Petrovic for failing to provide his clients with financial advice in their best interests as well as giving inappropriate advice to his clients about retirement savings, but his disqualification was reduced to three years by the Administrative Review Tribunal.
Finally, ASIC’s enforcement actions also involved administrative, civil and criminal proceedings against other financial sector participants such as directors, advisers and auditors.
Enforcement actions by ASIC may involve various restrictions, depending on the seriousness of violations and the nature of the business.
For example, for the financial services sector, administrative actions can include bans or delisting of financial services providers, while for the superannuation sector, they can involve additional conditions or suspensions of registration. In addition, ASIC’s enforcement actions could also involve the disqualification of directors.
Source: The West Australia
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
