ASIC’s program of transformation continued in 2023–24, according to the agency’s latest annual report.
ASIC Chair Joe Longo said the report highlighted a range of key regulatory and enforcement outcomes focused on protecting consumers, reducing costs for businesses, and strengthening capabilities.
‘We have made significant progress with the program of transformation work we began three years ago,’ Mr Longo said.
Following ASIC’s most significant organisational redesign in 15 years, better collaboration, enhanced systems and strengthened capabilities have delivered a number of important outcomes.
Regulatory and enforcement firsts: ASIC achieved several regulatory and enforcement firsts, including the first win in a greenwashing civil penalty action, the first stop order on a life insurance product, and the first infringement notice issued to a market operator, the ASX.
Strong compliance and enforcement outcomes: In 2023–24, ASIC commenced around 170 new investigations, an increase of about 25% on the previous year. The agency also increased its new civil proceedings by 23%.
Consumer protection: ASIC took down more than 7,300 investment scams and phishing websites, protecting Australians from losing their savings to scammers. The ASIC Moneysmart website was used by over 11 million Australians. More than 6 million people made use of the free tools and calculators to help manage their finances.
‘We are seeing the benefits of our transformation work as an agency,’ said Mr Longo.
‘Change and transformation also naturally lead to disruption and we acknowledge there are areas we can continue to improve.
‘There is always more to be done to keep delivering for consumers, businesses, and the community we serve.
‘We have seen a number of changes in ASIC’s executive leadership team over the last year, which means we are well positioned to meet the challenges and opportunities the agency faces.
‘We will continue to evolve and respond to new challenges in our operating environment and to the threats and harms that emerge.’
