Consumers are set for greater protection from corporate and financial sector misconduct, with the Federal Government introducing legislation into Parliament that will significantly strengthen penalties for white collar crime.
“Criminal penalties are set to double in some cases and civil penalties due to increase by more than tenfold for corporations and more than fivefold for individuals,” Mr O’Brien said.
“We are also expanding the range of contraventions subject to civil penalties.
“It means Australia’s sanctions will be closer to those in leading international jurisdictions and, most importantly, Sunshine Coast consumers will be better protected from white collar crime.”
The legislation is based on recommendations from the Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce which follows the Coalition Government’s Financial System Inquiry.
“This move builds on actions we have already taken to better protect Sunshine Coast consumers from corporate and financial sector misconduct, including providing $70.1 million in additional funding to the financial regulator to bolster its enforcement capabilities and establishing a new one-stop-shop for external dispute resolution,” Mr O’Brien said.
“All of these reforms are part of our plan for a stronger economy.”