New statistics detail a boost to ASIC's investigation and enforcement activity as the agency outlines its focuses in the year ahead.
ASIC Chair Joe Longo said the agency's transformation with new Commissioners, a new CEO and refreshed executive team had helped deliver a 50 per cent boost in investigation numbers over the past year, and a nearly 20 per cent increase in new civil enforcement proceedings.
'That transformation is key to ensuring ASIC can continue to serve the Australian community,' Mr Longo said.
'The operating environment for our financial ecosystem is increasingly complicated and that requires a well-calibrated response from ASIC which we have detailed with our Corporate Plan.
'We direct our efforts and finite resources to areas where we see the greatest risks and potential harms. In some cases, that means continuing work already underway, such as our efforts to combat high-risk super switching. In other cases, this means pivoting to new or emerging issues or causes for concern.
'Our plan highlights more than a dozen new regulatory initiatives from reviews of offset accounts and debt collection, to whistleblower protections and SMSF establishment advice.
'That is in addition to key work on the roadmap for our public and private capital markets, holding superannuation trustees to account for Australians' retirement savings, and, of course, our inquiry into the ASX to ensure Australia has stable, secure and resilient market infrastructure.
'This plan demonstrates our commitment to being a modern, confident and ambitious regulator.'
Mr Longo said the plan formalised ASIC's focus on regulatory simplification.
'Less than a year ago I convened the ASIC Simplification Consultative Group to consider what we can do to reduce regulatory complexity and help Australians navigate it,' Mr Longo said.
'A focus on simpler and better regulation is now a concrete part of ASIC's 2025-29 plan and will see the agency continue that focus to make it easier to interact with ASIC, to understand our expectations, for us to administer the law, and ultimately to cut red tape.'
ASIC's Corporate Plan also outlines how the agency is maturing its approach to measuring and assessing its performance, including introducing a new suite of performance measures.
'This will help our stakeholders better understand ASIC's impact,' Mr Longo said.
Background
- In 2024-25, ASIC commenced 38 new civil proceedings and 252 formal investigations.
- In 2023-24, ASIC commenced 32 new civil proceedings and 168 formal investigations.
