Australian Financial Services Licensing (AFSL) Forum

#5001 Reply
Grant Holley
Grant Holley
Member

Hello licencefx,

Thank you for your question.

Under s 1317G a person or body corporate may be liable to pay a pecuniary penalty up to the maximum amount per each individual declaration of contravention. For example, in ASIC v Vizard, the defendant was fined for three separate breaches, each with a penalty of $130k.

Please feel free to contact our financial services team if you require further assistance.

Authors: Grant Holley (Partner) and Hannah MacPherson (Law Clerk)

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