ob体育鈥檚 Annual Report for the 2018-19 financial year has been tabled today in the Australian Parliament.
The report is a record of ob体育鈥檚 activities and performance for the previous financial year.
In 2018-19, ob体育 continued to work towards our vision of a fair, strong and efficient financial system for all Australians.
Across the year significant progress was made in the strategic change program that began in early-2018. As part of that change program, ob体育:
- significantly increased and accelerated its use of enforcement action, and is now looking to use the full extent of new penalties and powers. In 2018-19, there has been:
- a 20% increase in the number of ob体育 enforcement investigations
- a 51% increase in the number of enforcement investigations involving Australia鈥檚 largest financial institutions (or their officers, employees or subsidiary companies)
- a 216% increase in the number of wealth management investigations
- established the Office of Enforcement, to carry out key enforcement activities and coordinate enforcement strategy, including the implementation of its 鈥榃hy not litigate?鈥� operational discipline
- enhanced key aspects of its supervisory approach, as part of the response to widespread conduct failures in the Australian financial services industry. The Close and Continuous Monitoring program and Corporate Governance Taskforce aim to promote permanent cultural and behavioural change in financial firms and across the financial services market.
ob体育鈥檚 work has also been guided by the outcomes of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Matters highlighted or referred to by the Royal Commission have been prioritised, and work continues on implementing ob体育鈥檚 new obligations and responsibilities included in its recommendations.