Superannuation Discussion + market volatility

[Quickstatus]

The question of whether or not fines can be contested was, and remains, irrelevant to the discussion at hand and I don't understand why you're making such a big thing about it...

Because Infringent notices are generally only small amounts and contestable. If you want civil penalties (call it fines if you want), that have significance they have to be court approved.

 

[MELso]

Because Infringent notices are generally only small amounts and contestable. If you want civil penalties (call it fines if you want), that have significance they have to be court approved.

The question of the quantum of fines is also irrelevant to the matter at hand.

The question is who should be fined.

 

[Brissy1]

The question of the quantum of fines is also irrelevant to the matter at hand.

The question is who should be fined.

All fines are penalties but just because all penalties are not fines, penalties have nevertheless been deemed to be fines by the courts and therefore thrown out (private car parking penalties deemed to be fines). One could dispute ASICs "penalties" in court as being a fine, but who would bother. (IMO, not a lawyer but took statutory interpretation for interest (which convinced me not to become a lawyer ), ah the days of free Uni.).

Agree, question is who should be fined (or suffer a penalty). Unfortunately even if Directors themselves are individually targeted, Director's insurance probably covers monetary penalties. The penalty needs to be them being banned from holding directorships, even if just for a small period, which I believe ASIC can do.