In a rather sad comment on standards of conduct in many parts of the private enterprise sector, ASIC has listed the range of industries and misconduct and illegality which it has the task, as matters of priority, to regulate and prevent.
These include the exploitation of superannuation savings, promotion of unscrupulous property investment schemes; failures by insurers to deal fairly with customers; insider trading; businesses avoiding consumer credit protections; misconduct impacting small businesses and their creditors; debt management and collection misconduct; failure to have adequate cyber-security protections; greenwashing and misleading conduct involving ESG claims; member services failures in superannuation; auditor misconduct and used car finance sold to vulnerable consumers by finance providers. 24-252MR ASIC announces new enforcement priorities with a focus on cost of living pressures | ASIC
Then there is the ACCC pursuing a range of market misconduct, even extending to consumer product safety issues for young children, with a focus on the safety of nursery products including furniture, baby bottle self-feeding devices and infant sleep products; and compliance by NDIS providers with their obligations under Australian Consumer Law; and various scams and cartels and more. ACCC priorities | ACCC
And the ATO is chasing non-tax paying small business to the tune of $35b, and FWO is pursuing wage theft of employees in hospitality, and elsewhere.
Lorna Jane
My favourite (sic) example of low private sector conduct is Lorna Jane Pty Ltd which was fined $5m for falsely representing to consumers that its LJ Shield Activewear “eliminated”, “stopped the spread” and “protected wearers” against “viruses including COVID-19”. …
“The whole marketing campaign was based upon consumers’ desire for greater protection against the global pandemic.” https://murrayslegal.com.au/blog/2021/12/06/unconscionable-and-immoral-corporate-conduct-nothing-personal/
Lorna Jane admitted that director and “Chief Creative Officer”, Ms Lorna Jane Clarkson, self-described “iconic Australian entrepreneur, fashion designer, and author” authorised and approved the LJ Shield Activewear promotional material .. Lorna Jane pays $5 million over false ‘anti-virus activewear’ claims | ACCC
Who’s to blame?
While each of the public regulators have responsibilities to try to enforce the laws, and recover unpaid taxes, it is actually the private sector businesses that breach those laws, continually.
There seems to be some misunderstanding or avoidance of that reality in some quarters.
