ASIC releases corporate plan for 2021 to 2025

The Australia Securities & Investments Commission (ASIC) has released its four-year corporate plan for 2021 to 2025, outlining its priorities to “achieve a fair, strong, and efficient financial system” in Australia.

ASIC's Corporate Plan 2021-25 is consistent with the regulator's Statement of Intent, released in response to the Australian government's Statement of Expectations. Its four external strategic priorities include:

• Promoting economic recovery, including through better and more efficient regulation, facilitating innovation, and targeting regulatory and enforcement action to areas of greatest harm;
• Reducing risk of harm to consumers exposed to poor product governance and design and increased investment scam activity in a low-yield environment;
• Supporting enhanced cyber resilience and cyber security among ASIC's regulated population, in line with the whole-of-government commitment to mitigating cyber security risks; and
• Driving industry readiness and compliance with standards set by law reform initiatives (including the Financial Accountability Regime, reforms in superannuation and insurance, breach reporting, and the design and distribution obligations).

Read more: ASIC warns insurers to review contracts “for fairness”

ASIC's four-year corporate plan highlights internal and external projects and commitments to ensure it delivers on its statutory objectives.

Commenting on the plan, ASIC Chair Joe Longo said: “ASIC has an important role to play in promoting economic recovery and confidence in the financial system, especially in the face of the ongoing pandemic.”

Longo said ASIC will continue to support businesses through more efficient regulation while protecting consumers and investors from harm.

“ASIC will make use of the full range of regulatory tools available to enhance trust in the financial system, and we will exercise our powers consistently, transparently, and proportionately,” he added.