Significant ASIC and APRA actions involving large licensees since June 2021
This article summarises selected ASIC and APRA actions involving large Australian financial services, credit, banking and superannuation licensees, or equivalent regulated entities, since 1 June 2021.
The date range is deliberate. It excludes most remediation programs that followed the Hayne Royal Commission, including historical fees-for-no-service and non-compliant advice remediation programs. Those programs are dealt with separately below.
Royal Commission remediation programs are excluded
ASIC’s final update on advice-related remediation reported that AMP, ANZ, CBA, Macquarie, NAB and Westpac had paid or offered $4.7 billion in compensation by 31 December 2022 for fees-for-no-service misconduct and non-compliant advice.
The reported amounts were:
| Institution | Fees-for-no-service compensation | Non-compliant advice compensation |
|---|---|---|
| AMP | $636.6m | $42.6m |
| ANZ | $308.6m | $44.7m |
| CBA | $1.116b | $9.4m |
| Macquarie | $4.6m | Not included in that review |
| NAB | $1.380b | $114.8m |
| Westpac | $970.3m | $58.8m |
ASIC said the programs related to failures to provide ongoing advice services paid for by customers, failures by advisers to provide those services, failures to switch off advice fees where customers no longer had an adviser, and compensation for non-compliant advice. Those remediation programs addressed historical conduct and are excluded from the action list below.
Final penalties, declarations and court outcomes
| Date | Licensee or regulated entity | Regulator | Outcome | Reason |
|---|---|---|---|---|
| 22 April 2022 | Westpac Banking Corporation | ASIC | $113m in Federal Court penalties | Multiple proceedings involving compliance failures across banking, superannuation, insurance and wealth businesses. |
| 20 September 2022 | AMP group companies | ASIC | $14.5m in Federal Court penalties | Fees charged to 1,452 superannuation members for services not provided. |
| 19 May 2023 | AMP group companies | ASIC | $24m in Federal Court penalties | Life insurance premiums and advice fees charged from superannuation accounts of more than 2,000 deceased customers. |
| 22 November 2023 | OnePath Custodians | ASIC | $5m Federal Court penalty | False or misleading representations and fees-for-no-service misconduct by a superannuation trustee. |
| 24 October 2025 | RAMS Financial Group | ASIC | $20m Federal Court penalty | Widespread compliance failures in arranging home loans, including failures as an Australian credit licensee. |
| 25 November 2025 | Cbus / United Super | ASIC | $23.5m Federal Court penalty | Delays and failures in processing death benefit and TPD insurance claims. |
| 19 December 2025 | ANZ | ASIC | $250m in combined Federal Court penalties | Widespread misconduct involving institutional bond-market conduct, reporting failures, hardship notices, savings-account representations and deceased-estate issues. |
| 30 January 2026 | Australian Unity Funds Management | ASIC | $7.125m Federal Court penalty | Design and distribution obligation failures involving product suitability for retail investors. |
| 9 February 2026 | FIIG Securities | ASIC | $2.5m Federal Court penalty | Cybersecurity risk management failures by an AFS licensee. |
| 16 March 2026 | Macquarie Securities | ASIC | $35m NSW Supreme Court penalty | Misreporting of tens of millions of short sales over several years. |
| 20 March 2026 | Macquarie Investment Management | ASIC | Federal Court declarations; no pecuniary penalty sought | Failure to place the Shield Master Fund on a watch list for heightened monitoring. |
| 27 March 2026 | Binance Australia Derivatives / Oztures Trading | ASIC | $10m Federal Court penalty | Misclassification of more than 85% of its Australian client base over a nine-month period. |
| 30 April 2026 | Telstra Super / Tetra Servicing | ASIC | Federal Court findings | Failure to comply with internal dispute resolution procedures. |
| 26 May 2026 | Westpac Banking Corporation | ASIC | $26m Federal Court penalty | Failure to receive and respond to online hardship notices within required timeframes. |
Licence conditions, enforceable undertakings and infringement notices
| Date | Licensee or regulated entity | Regulator | Outcome | Reason |
|---|---|---|---|---|
| 22 July 2024 | OnePath Custodians | APRA | $10.7046m in infringement notices and a court-enforceable undertaking | Alleged SIS Act breaches involving default superannuation contributions and MySuper obligations. |
| 7 May 2025 | Macquarie Bank | ASIC | Additional AFSL conditions | Multiple significant compliance failures involving futures dealing and OTC derivatives reporting. |
| 29 September 2025 | Rest / Retail Employees Superannuation | ASIC | $37,560 in infringement notices | Alleged false or misleading representations after insurance cover was inadvertently activated for more than 2,000 members. |
| 18 December 2025 | Netwealth | ASIC | Admission of contraventions and agreement to compensate affected members over $100m | Failures relating to superannuation investments in the First Guardian Master Fund. |
| 20 March 2026 | Macquarie Investment Management | ASIC | Approximately $321m paid to affected members; Federal Court declarations followed | Failures relating to Shield Master Fund monitoring on Macquarie’s superannuation platform. |
Current proceedings or unresolved matters
These matters should be described as allegations or proceedings unless and until resolved.
| Date | Licensee or regulated entity | Regulator | Status | Allegation |
|---|---|---|---|---|
| 2025 | AustralianSuper | ASIC | Civil penalty proceedings commenced | Alleged delays in processing nearly 7,000 death benefit claims. |
| 21 May 2026 | Equity Trustees | ASIC | Civil proceedings commenced | Alleged onboarding failures relating to First Guardian. |
Verification note
This version excludes matters regulated only by AUSTRAC, ACCC, OAIC, Fair Work, casino regulators or other non-ASIC/APRA bodies. It also excludes general corporate matters that do not involve a licensee or equivalent regulated financial entity.
This article relies on publicly available ASIC and APRA announcements and court outcomes current as at 4 June 2026.4 June 2026