The Australian Securities and Investments Commission (ASIC) has reported a 17% increase in cases of misconduct among businesses and licensees during 2010/11.

It processed 15,634 reports of misconduct, with 28% going to further compliance, investigation or surveillance.

The bulk of the misconduct cases (48%) concerned the financial services industry and retail investors, where misleading or deceptive conduct was the issue. Also included in these cases were a number of people operating without an Australian financial services licence.

ASIC Chairman Greg Medcraft says the organisation has three priorities: confident and informed financial consumers; fair and efficient financial markets; and efficient registration and licensing.

The regulator has 64 staff looking after compliance for insurance, consumer credit and deposit-taking companies. General and life insurers generate $68 billion of premiums that fall under ASIC’s watch.

Aside from cracking down on compliance issues, ASIC also reunited $3.1 million of life insurance payouts with claimants during the year. This was down on the 2009/10 figure of $3.8 million.