The Australian Securities and Investments Commission (ASIC) has wrapped up enforcement proceedings against a record 352 people or companies this year and also managed several high-profile investigations, including HIH Insurance and James Hardie Industries.

ASIC’s annual report, “Working for Australia”, highlights the regulator’s priorities for the year, including reducing the risks involved with the introduction of Superannuation Choice and improving standards in the financial services sector.

It lists its work behind the jailing of former HIH associate Brad Cooper as among its most notable results for the year.

Chairman Jeff Lucy says the regulator expanded its compliance directorate during the year to give greater emphasis to “real-time regulation” and launched its “better regulation” initiatives. These aim to make the regulatory system easier to work with and ASIC more accessible and transparent.

It also exposed and litigated against conflicts of interest between financial planners and their clients.

“In striving to continually raise industry standards, we also focused attention and reinvigorated debate on how the financial services sector handles conflicts of interest,” Mr Lucy said.

The report also contains one of the less likeable features of ASIC’s work – its role as a collector of surplus revenue for the Federal Government. The regulator raised $543 million in revenue for the Commonwealth, against operating expenses of $218 million.