Earlier this week, the Australian Securities and Investment Commission (ASIC) released their Corporate Plan for 2019 -2023.
In their release, they indicated their goal for the next four-year period is to:
promote better corporate cultures and behaviours, in particular the values of fairness and professionalism;
address consumer harms (particularly where vulnerable individuals and communities are impacted) and improve consumer outcomes; and
deter, punish and publicly denounce wrongdoing via our “Why not litigate?” operational discipline.
“The public expects financial firms to treat Australians fairly and live up to the expectations of the community and the law. The public expects ASIC to see that they do. If the firms or individuals we regulate do not, we have the will, the resources and the regulatory tools to hold them to account,” ASIC Chair James Shipton said.
The ASIC Chair also spoke to the release of the plan at the Financial Services Council (FSC) summit this week.
“One thing that is different this year about our Corporate Plan is that we have highlighted the range of regulatory actions we propose to deploy in relation to each of our strategic priorities,” Shipton told attendees.
He also acknowledged that ASIC must be wary of over-reliance on certain tools and highlighted the ineffectualness of disclosure.
Strategic priorities for the year ahead for ASIC include:
High deterrence enforcement action;
Prioritising the recommendations and referrals from the Royal Commission;
Delivering as a conduct regulator for superannuation;
Addressing harms in insurance;
Improving governance and accountability;
Protecting vulnerable consumers; and
Addressing poor financial advice outcomes.
You can download a copy of the ASIC Corporate Plan here.