Private credit practices, financial reporting misconduct, insurance complaints and claims handling, and misleading pricing are among a range of new enforcement priorities ASIC has unveiled for 2026.
ASIC Deputy Chair Sarah Court said ASIC's 2026 enforcement priorities have been designed to protect consumers from financial harm and uphold the integrity of Australia's financial markets.
'We are continuing to deliver strong, visible and active enforcement outcomes.
'We're doing more investigations, taking more matters to court and securing record penalties.
'In the last 12 months, we've doubled the number of new investigations and nearly doubled the number of new matters filed in court.
'We've also worked hard to increase our criminal prosecutions, and seen lengthy sentences imposed for financial fraud offences,' the Deputy Chair said.
In 2026, ASIC's new enforcement priorities are:
- Misleading pricing practices impacting cost of living for Australians
- Poor private credit practices
- Financial reporting misconduct including failure to lodge financial reports
- Claims and complaint handling failures by insurers
- Continuing our work to hold those responsible to account for the collapse of the Shield and First Guardian Master Funds
Continuing enforcement priorities are:
- Strengthening investigation and prosecution of insider trading conduct
- Misconduct exploiting consumers facing financial difficulty including predatory credit practices
- Unlawful practices seeking to evade small business creditors
- Holding super trustees to account for member services failures
- Auditor misconduct
'Our 2026 enforcement priorities reflect emerging risks like those in private credit, as well as the challenges Australians face while contending with higher living costs.
'ASIC will zero in on misleading pricing practices in the financial services sector, particularly those that make everyday costs harder for Australians.
'In line with our increased surveillance across private credit, we won't hesitate to take enforcement action to stamp out misconduct in the sector so we can support confident and informed participation, investor protection and market integrity.
'Reliable financial information remains more important than ever, particularly as entities with unlisted assets, such as super funds and private credit funds, play a bigger role in the economy. In 2026, we will step up enforcement action against financial reporting misconduct.
Alongside these priorities, more than 40 people are continuing to investigate the collapse of the Shield and First Guardian Master Funds and, as one of ASIC's largest and most complex cases ever, it has been elevated to a new, dedicated priority.
'We have been focused on returning available money to investors and the next stage is holding those responsible to account for the Shield and First Guardian collapses', the Deputy Chair said.
Key enforcement outcomes over the past year include:
- Proposing $240 million in combined penalties against ANZ which, if imposed by the court, would be the largest penalties ASIC has ever levelled against a single entity.
- Filing proceedings against Macquarie and accepting a court enforceable undertaking to repay $320 million to affected Shield Master Fund investors.
- Securing a 14-year prison sentence for West Australian fraudster Chris Marco; the highest sentence imposed by an Australian court in relation to an ASIC criminal investigation.
ASIC's enforcement priorities for 2026 are designed to send a clear and effective signal to the market about where ASIC will focus its resources and expertise.
In addition to ASIC's 2026 enforcement priorities, ASIC's enduring priorities remain, including protecting First Nations and vulnerable consumers, upholding market integrity, acting against systemic failures, and ensuring a fair, strong, and efficient financial system for all Australians.
Background
ASIC's goal is to help all Australians through promoting market integrity and consumer protection in the Australian financial system.
We take decisive and high-profile enforcement action to protect consumers, address misconduct, punish wrongdoers, and, importantly, reduce the risk of misconduct in the markets and sectors we regulate.
