The Australian Securities and Investments Commission (ASIC) has released its corporate plan for 2023-27, which focuses on taking further enforcement action to protect consumers and small businesses.
The latest corporate plan follows a year of progress against ASIC's strategic priorities and strong enforcement outcomes in 2022-23. It aims to protect consumers and small businesses amid scams, digitally-enabled misconduct, and predatory lending practices.
“ASIC has made strong progress since we released our strategic priorities last year, and we still have more work to do,” said ASIC chair Joe Longo. “We are responding to key trends and emerging issues in the regulatory landscape, where there are major shifts across sustainable finance, the digital and data economy, and an ageing population. We are also closely monitoring the development and use of artificial intelligence and what this means for the businesses and markets we regulate and exploring potential uses of this and other technologies within ASIC.
“ASIC's new structure – which came into effect in July this year – strengthens our capacity to respond to emerging threats and challenges. A key priority for me is to ensure the structure better supports the prioritisation of enforcement and regulatory issues, quicker decision making, and operational flexibility.”
In 2022-23, ASIC achieved strong enforcement outcomes as an active and effective corporate regulator.
Over the three years to June 30, 2023, the corporate watchdog handled over 125 criminal actions, resulting in 92 criminal convictions and 39 custodial sentences. During the same period, it handled nearly 200 civil actions, resulting in more than 130 successful civil claims. More than $500 million in criminal and civil penalties were also imposed by the courts.
“Protecting consumers and small businesses from misconduct and taking decisive action against those who break the law is central to ASIC's work to maintain confidence in Australia's markets and support the economy,” Longo said.
This month, ASIC called on general insurers to improve their claims handling practices after a review found weaknesses.
