ASIC’s Enforcement Surge Delivers $230.9 Million in Penalties & $385.1 Million in Customer Returns

Key Takeaways

• Record Civil Penalties: ASIC secured $230.9 million (AUD $349.8 million) in civil penalties in H2 2025, the highest six-month total in its history.
• Large-Scale Remediation: $385.1 million (AUD $583 million) will be returned to Australians through refunds, remediation, and investor payments.
• Major Institutional Actions: ANZ was ordered to pay $165 million (AUD $250 million), the largest combined penalty ASIC has secured against a single entity.
• Criminal Enforcement Milestone: A 14-year prison sentence for Chris Marco marks the longest term imposed in connection with an ASIC criminal investigation.
• Governance Concerns Rising: Reports of misconduct increased 28 percent, driven by corporate governance failures, including record-keeping deficiencies.

Deep Dive

New figures released by Australian Securities and Investments Commission show that between July and December 2025, the watchdog secured $230.9 million (AUD $349.8 million) in court-ordered civil penalties, the highest six-month total in its history. Over the same period, its actions set in motion $385.1 million (AUD $583 million) in refunds, remediation payments, and investor returns.

The numbers reflect more than a statistical milestone. They capture a period defined by courtroom litigation against some of Australia’s largest financial institutions, large-scale compensation programs, and an increase in governance-related misconduct reporting.

“ASIC has secured record penalties in response to serious misconduct, and is protecting Australians and safeguarding trust and confidence in Australia’s financial system,” ASIC Chair Joe Longo said, describing the regulator as one of the country’s most active law enforcement agencies.

Major Institutions in the Crosshairs

The headline penalty total was driven by a cluster of high-profile cases.

Most significant was action against ANZ, which was ordered to pay $156 million (AUD $250 million) in combined penalties for widespread misconduct and systemic risk failures affecting the Australian Government, taxpayers, and almost 65,000 retail banking customers. ASIC said it was the largest combined penalty it has secured against a single entity.

Other outcomes included:

• Cbus, ordered to pay $15.5 million (AUD $23.5 million) for serious failures in processing members’ death benefits and insurance claims.
• RAMS Financial Group, ordered to pay $13.2 million (AUD $20 million) for compliance failures in arranging home loans.
• National Australia Bank, together with AFSH Nominees, ordered to pay $10.2 million (AUD $15.5 million) for hardship failures affecting customers.

Taken together, the cases point to continued regulatory scrutiny of operational controls, customer treatment frameworks, and risk management systems, particularly where systemic weaknesses produce widespread consumer impact.

Restitution at Scale

If the penalty figure was record-breaking, the remediation total was equally striking.

ASIC’s work will result in $385.1 million (AUD $583 million) being delivered back to Australians. That includes:

• A court-enforceable undertaking from Macquarie Group to pay $212.3 million (AUD $321 million) to around 3,000 affected Shield Master Fund investors.
• An undertaking from Netwealth to pay $66.8 million (AUD $101 million) to more than 1,000 affected First Guardian Master Fund investors.
• $106.4 million (AUD $161 million) in refunds for millions of low-income Australians in high-fee accounts, including $45 million (AUD $68 million) announced by Commonwealth Bank in December following ASIC’s Better and Beyond review.

In a separate matter, ASIC intervened in private proceedings involving Libertas Financial Planning (In Liquidation) and Sequoia Financial, resulting in $644,000 (AUD $975,000) being made available to support claims by victims of the Sterling First collapse.

The scale of repayments underscores a broader enforcement posture, one that pairs litigation with restitution.

Criminal Enforcement and Oversight Activity

The regulator’s criminal program also produced a landmark outcome. While subject to appeal, the Supreme Court of Western Australia sentenced West Australian fraudster Chris Marco to 14 years’ imprisonment, the highest prison sentence imposed by an Australian court in relation to an ASIC criminal investigation.

Over the six-month period, ASIC launched 123 investigations and completed 518 surveillances. It filed 23 new civil proceedings, commenced 11 new criminal prosecutions, and recorded 17 criminal convictions against individuals. In addition, $4.6 million (AUD $6.9 million) in infringement notices and $91,300 (AUD $137,315) in criminal fines were paid.

The activity levels illustrate a regulator that continues to lean heavily on litigation and investigative tools.

Governance Signals in Misconduct Data

Alongside enforcement statistics, ASIC released its latest reports of misconduct data covering July through December 2025.

The regulator recorded a 28 percent increase compared to the prior six months. The rise was driven by corporate governance concerns, including failures to provide company records.

For boards and compliance functions, that trend is notable. Documentation, record access, and governance processes — often treated as baseline requirements — are emerging again as enforcement flashpoints.

ASIC also highlighted ongoing work to simplify regulatory complexity, support reforms in public and private markets, and strengthen market infrastructure in coordination with the ASX.

“While 2025 was a significant year, our work continues in intensity in the year ahead,” Longo said.

The numbers suggest that intensity is already well underway.

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