The regulator says it is removing poor or fraudulent advisors from the industry in a bid to drive up quality.

Australia’s financial watchdog, which has been on a campaign to root out miscreant wealth advisors, kicked 27 individuals out from the industry between 1 July and the end of December last year, imposing total fines of A$149 million ($114 million).

A total of 42 criminal charges have been laid, while six people have been charged in criminal proceedings, the Australian Securities and Investments Commission said in a report.

In other details, ASIC has issued 20 infringement notices, started 105 investigations and completed 86 such probes, it said.

“The integrity of financial market benchmarks remain a high enforcement priority, as do disclosure obligations and market abuse. ASIC will continue to address these issues through strong enforcement action,” the organisation said.

Other high priorities are ASIC's Wealth Management Project, which seeks to lift the standards of major financial advice providers, and its court proceedings aimed at winding up land banking schemes. (To see a story about how the regulator has been working to raise standards, click here.)