ASIC has ramped up enforcement activity and commenced a significant body of work to address regulatory complexity and strengthen Australia's markets, its latest annual report has shown.
ASIC Chair Joe Longo said that investments in the agency's operational capabilities, including in its digital technologies, cyber resilience and data analytics, had paid dividends.
'The ongoing operational uplift at ASIC has helped to deliver a 50% increase in investigations, an almost 20% increase in new civil enforcement proceedings and the completion of 829 targeted surveillances,' said Mr Longo.
'ASIC has also commenced a significant program of regulatory work.
'We are shining a light on Australia's capital markets through our public and private markets work, building stronger retirement outcomes with our superannuation members services work, and fostering efficiency as part of our regulatory simplification work.'
The ambitious program of work undertaken by ASIC over the 2024-25 financial year included a number of significant outcomes, including:
- publishing ASIC's first discussion paper into the dynamics of Australia's public and private markets
- launching the Regulatory Simplification Consultative Group
- commencing an inquiry into the ASX's governance, capability and risk management following serious and repeated failures
- uncovering death benefit failures in the superannuation sector, and launching enforcement actions against Cbus and Australian Super
- reviewing the use of AI by financial services and credit licensees
- taking down over 6,900 investment scam and phishing websites, and
- securing $104.1 million in court-ordered civil penalties and $16.8 million in court-imposed criminal fines.
Mr Longo said that ASIC was becoming the modern, confident and ambitious regulator that Australians need.
'ASIC's ongoing work demonstrates that ASIC responds to emerging challenges in the broader financial ecosystem, from the advent of AI to the increasing dominance of private credit in our capital markets. We are taking impactful enforcement action and a leading approach to solving regulatory problems to protect consumers and support the integrity of our markets.'
