Submission: Reforms to strengthen penalties for corporate and financial sector misconduct – Draft Legislation
This submission supports the proposed increases to maximum criminal and civil penalties across a number of provisions, the expansion in provisions subject to penalties, and the power to obtain disgorgement remedies (referred to as a relinquishment order in the Bill) if there has been a contravention of a civil penalty provision. This submission provides comments and recommendations in relation to the following:
- The importance of extending civil penalties to the general obligations of licensees;
- The need for the general prohibition on misleading and deceptive conduct as well as the prohibition on unfair contract terms to be offence provisions and subject to a civil penalty;
- The need to provide additional guidance to the courts to impose higher penalties that meet community expectations; and
- The appropriateness of funds obtained through a relinquishment order being returned to customers.