The Australian Securities and Investments Commission (ASIC) says it will maintain a focus on enforcing higher standards in financial services this half-year.

This includes ensuring advisers act in clients’ best interests, and that general and personal advice is correctly separated, the regulator says in its half-yearly enforcement report.

Conduct risk also remains a priority, with ASIC warning it will pay attention to technology-enabled offending and malicious cyber crime in the context of rapid technological developments.

“We will continue to detect misconduct and take enforcement action where necessary to ensure investors and consumers can have trust and confidence in our financial system,” ASIC Commissioner Cathie Armour said.

ASIC started 57 investigations and completed 80 across the sectors it regulates in the six months to June 30. Some 23 individuals were removed from financial services and $618.8 million paid in compensation or remediation, while 399 criminal charges were laid in summary prosecutions for strict liability offences.

In financial services, 59% of misconduct related to credit, 8% to dishonest conduct/misleading statements, 3% to theft, fraud and misappropriation, and 30% to other financial services misconduct.