ASIC Removes 87 Financial Sector Participants in Misconduct Crackdown

Australia’s financial regulator has taken enforcement action against hundreds of individuals and businesses, removing or restricting high-risk operators from the financial sector as part of efforts to strengthen consumer protection.

The Australian Securities and Investments Commission (ASIC) announced on August 10 that it delivered 150 administrative enforcement outcomes between July 2025 and June 2026, targeting misconduct across financial services, credit and corporate markets.

During the period, ASIC removed or restricted 87 individuals and businesses from providing financial services, restricted another 27 participants from offering credit services, and disqualified 36 individuals from managing corporations.

ASIC said financial services removals and restrictions reached their highest level in five years, reflecting the regulator’s increased use of administrative powers to address misconduct and prevent consumer harm.

ASIC Chair Sarah Court said banning orders, licence cancellations and director disqualifications are among the regulator’s most effective enforcement tools, allowing ASIC to act quickly against unsuitable operators and prevent them from continuing activities that could harm consumers, investors and businesses.

The regulator reported that a significant number of outcomes resulted in permanent bans or licence cancellations, with 77 individuals and organisations permanently removed from financial services or credit activities. Eighteen of the 36 director disqualifications issued during the period received the maximum five-year penalty.

Among the major enforcement actions, ASIC permanently banned Abdullah Popal after fraud convictions involving the dishonest transfer of almost A$90,000 from former clients. Former financial adviser Barry King was also permanently banned after ASIC found he had misappropriated client funds and provided false documents.

ASIC also continued action linked to investment fund failures, including banning 15 advisers connected to the Shield Master Fund and First Guardian Master Fund.

The regulator warned that individuals and businesses that misuse positions of trust, fail to meet regulatory obligations or engage in misconduct will continue to face enforcement action as ASIC works to maintain confidence in Australia’s financial markets.