ASIC Ejects High-Risk Financial Players

ASIC strengthened consumer protection in 2025-26, delivering 150 administrative enforcement outcomes targeting misconduct across Australia's financial, credit and corporate sectors.

Demonstrating the critical role administrative enforcement tools play in disrupting rogue operators and protecting consumers, investors and small businesses, between 1 July 2025 and 30 June 2026, ASIC:

• removed or restricted 87 individuals and businesses from providing financial services
• removed or restricted 27 individuals and businesses from providing credit services
• disqualified 36 individuals from managing corporations¹

Overall, ASIC's administrative enforcement activity remained strong in 2025-26, with financial services removals and restrictions reaching the highest level in the past five-years and director disqualifications rising sharply from the 2024-25 financial year².

ASIC Chair Sarah Court said Australian financial services licence cancellations and director disqualifications were among ASIC's most efficient enforcement tools.

'These administrative powers are critical levers that allow ASIC to act quickly and decisively to stop misconduct, protect consumers, investors and small businesses, and efficiently remove unsuitable operators from the market.

'They can often be deployed more swiftly than or ahead of court action to help prevent further harm, drive behavioural change and strengthen trust and confidence in Australia's financial and corporate markets.

'Every banning order, licence cancellation and director disqualification removes a pathway for rogue operators to continue earning a living from misconduct. By removing high-risk participants from the market, we are disrupting misconduct at its source and making it harder for those who disregard the law to continue operating.'

ASIC's latest data shows that 61% of financial services outcomes and 89% of credit-related outcomes resulted in permanent banning orders or licence cancellations with:

• 77 permanent bannings and cancellations from credit and financial services (31 individuals and 46 organisations)
• 6 banned for 10 years from credit and financial services
• 31 banned for less than 10 years
• 18 of the 36 director disqualifications were for the maximum period of five years available under the Corporations Act.

Some of ASIC's most significant enforcement outcomes in 2025-26 included:

• Permanent ban - Abdullah Popal: ASIC permanently banned Mr Popal from providing financial services and engaging in credit activities following fraud convictions involving the dishonest transfer of almost $90,000 from former clients.
• Permanent ban - Barry King: ASIC permanently banned former financial adviser after finding he misappropriated client funds and provided false documents.
• Maximum director disqualification - Kylie Campbell: ASIC disqualified the former Victorian property development director from managing corporations for the maximum period of five years following the failure of companies that left substantial debts and losses to creditors.
• Shield and First Guardian Master Funds: ASIC has banned 15 advisers linked to the Shield Master Fund or the First Guardian Master Fund in the last financial year and taken further action against licensees, a director of a licensee and a responsible manager.

'ASIC will continue to take decisive action against individuals and businesses that fail to meet their legal obligations,' the Chair said.

'Administrative enforcement outcomes are a powerful way to protect consumers and investors, deter misconduct and maintain confidence in Australia's financial, credit and corporate markets.

'If you misuse a position of trust, fail to meet your obligations or engage in misconduct, ASIC can and will act to remove you from the market.'

Background

¹Source: ASIC Annual Reports

²The categories are not mutually exclusive, and some individuals/businesses may appear in more than one category where multiple administrative actions have been taken.

Banning orders prohibit individuals from providing financial services or engaging in credit activities and are used where ASIC identifies serious misconduct or conduct demonstrating a person is not fit to participate in the industry.

Licence cancellations remove a business's legal authority to provide financial services or credit activities and are used where an entity has failed to meet its obligations or no longer meets the standards required of a licensee.

Director disqualifications prevent individuals from managing corporations for up to five years and are commonly used where ASIC identifies repeated company failures, misconduct affecting creditors or employees, or conduct showing a person is unfit to manage a company. This provision is a key regulatory tool to deter director misconduct and allows for a timely and efficient enforcement outcome when compared to similar criminal and civil remedies. Any person who continues to be involved in the management of a company while disqualified commits an offence which carries a maximum penalty of five years' imprisonment.

Further information about ASIC banning orders, licence cancellations and director disqualifications is available in the ASIC newsroom and on ASIC's Banned and Disqualified Register. Also see: ASIC's approach to enforcement.

Source: ASIC Annual Reports