Corporate behaviour appears to be improving, with reports of alleged misconduct falling to their lowest level in four years, according to the Australian Securities and Investments Commission (ASIC).

After years of rising claims, which ASIC attributes to the global financial crisis, reports of misconduct and statutory breaches fell 20% to 12,516 in 2011/12 – the lowest figure since 2007/08.

The regulator’s annual report shows 20% of all misconduct claims were either outside its jurisdiction or were dismissed, while 33% were analysed and recorded.

Among financial service reports, credit misconduct comprised 16% of all cases, while superannuation, insurance, advice, breach of licence conditions, misleading or deceptive conduct and unconscionable conduct accounted for 15% of all reports.

“Analysis of the types of matters reported, after allowing for ASIC’s increased credit jurisdiction from July 2010, points to a return to more traditional ‘safe harbour’ investments, with fewer reports about managed investment funds, potential scams and alleged corporate fraud,” the regulator says.

While misconduct claims have fallen, alleged breach reports rose 23.5% to 11,404, which ASIC attributes to the rising number of company insolvencies. The number of companies entering administration in 2011/12 was at its highest level since the peak of the financial crisis, hitting 10,757, up nearly 10% on the previous year.

Despite losing a number of high-profile court cases, including against OneTel, AWB and Fortescue, ASIC maintained a 92% prosecution success rate from 179 cases concluded.

It undertook 133 civil actions and 118 investigations in the year to June 30, convicting 27 people and disqualifying 84 from directing a company. Director disqualifications rose 16.6% compared with 2010/11.

ASIC has stepped up its regulatory efforts in recent years. Earlier this year it revealed that of the 3343 financial services licensees authorised to give personal advice, the top 20 – representing 26% of advisers – are reviewed every 1.7 years on average.

Financial statements show ASIC ran at a loss of $42.72 million in the year, up 14.5%, mostly on reduced government revenue.

Its budget will receive a $192.9 million boost over the next four years, including $101.9 million for operational funding, $43.7 million for enhanced market supervision and $23.9 million to implement Future of Financial Advice reforms.