outlines our priorities over the next four years to achieve a fair, strong and efficient financial system for all Australians.
The Corporate Plan is consistent with ASIC's new Statement of Intent released today in response to the Australian Government's Statement of Expectations.
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.'
'We will continue to take opportunities to support businesses through more efficient regulation. At the same time, we will continue to be vigilant in 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.'
ASIC's four external strategic priorities are:
- 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).
The plan highlights both external and internal projects and commitments to ensure ASIC delivers on its statutory objectives.
