Another of the 13 misconduct cases referred to the corporate regulator by the Hayne royal commission has been earmarked for criminal action, as have two case studies.

In its latest half-yearly update for September to February, the Australian Securities and Investments Commission (ASIC) says that currently, one of 13 misconduct referrals is being considered by the Commonwealth Director of Public Prosecutions (CDPP) “for potential criminal action”.

Seven more referrals remain under investigation while three have concluded with no further action.

The progress update notes cases against insurers TAL, as well as MLC and NAB’s super funds trustee Nulis Nominees, are already the subject of civil penalty litigation after being called out by Commissioner Kenneth Hayne. ASIC commenced court action in November in regard to fees for no service.

The royal commission also examined 32 case studies, and of these ASIC says two are now being considered by the CDPP for potential criminal action while 17 are still under investigation.

One, relating to NAB, was recently finalised when a former branch manager was sentenced to a year of imprisonment. Another four are the subject of civil penalty litigation: Select AFS, Dover Financial Advisers, Doyle and NAB unlicensed home loan introducers.

ASIC says eight concluded with no further action.

The watchdog says it will continue to put other cases before the court under its newly adopted ‘why not litigate?’ approach which aims to deter emerging misconduct across the financial services sector, and has been backed by increased funding from the government.

“We have significantly increased the resources dedicated to referrals and case studies from the royal commission, which focus on contraventions of the financial services and credit laws by a range of financial institutions, superannuation trustees and insurers,” ASIC says.

In other measures, ASIC notes unfair contract terms (UCT) will extend to insurance contracts from April 5 next year, bringing insurance into line with all financial products. The regulator says it will review insurers’ policies and consult with relevant stakeholders to identify key areas of concern.

“We expect that insurers will take a proactive approach to reviewing their contracts,” the update says.

ASIC has also established a dedicated working group to manage issues arising from natural disasters and events such as the recent bushfire crisis. This group has warned consumers against “unscrupulous” insurance claims management "service providers" that undertake the administrative work on an insurance claim for a fee.