News
11 December 2024
ASIC has outlined its priorities for the next four years and its plan of action for the year ahead, released in the same week as an independent review of the corporate watchdog’s competence.
ASIC has outlined its priorities for the next four years and its plan of action for the year ahead, released in the same week as an independent review of the corporate watchdog’s competence.
The review by the Financial Regulator Assessment Authority – which was formed in response to the royal commission into banking misconduct – gave ASIC its broad approval, determining the regulator to be “generally effective and capable”.
It noted, however, that “there are important opportunities to enhance (ASIC’s) performance”, including in its data and technology capabilities, stakeholder management, measurement of its communications’ effectiveness and its skill sets to meet future needs.
Meanwhile, ASIC’s own newly released corporate plan (2022-26) reveals how the regulator intends to achieve “a fair, strong and efficient financial system for all Australians”.
ASIC chair Joe Longo said work is already underway to address emerging trends and important law reforms that are reshaping the financial system – from digitally enabled misconduct and emerging technologies, to climate risks and an ageing population.
The regulator listed four external priorities:
- reducing the risk of harm to consumers from poorly designed and distributed financial and credit products;
- supporting market integrity through proactive supervision and enforcement of governance, transparency and disclosure standards in relation to sustainable finance;
- protecting consumers as they plan and make decisions for retirement; and
- focusing on the impacts of technology in financial markets and services, driving good cyber-risk practices, and addressing digitally enabled misconduct, including scams.
“ASIC will take strong and targeted enforcement action to protect consumers and investors, and to maintain trust and integrity in the financial system,” Mr Longo said.
“We remain alert to changes and developments in our operating and regulatory environment, and we will continue to make rapid, strategic decisions to adapt where needed.”
ASIC’s plan also highlights four internal priorities, including an investment in technology to help the corporate watchdog become “a leading digitally enabled and data-informed regulator”.
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