ASIC has released its Corporate Plan for 2025-26 setting out its strategic direction through to 2029.
The Plan sets out the following five strategic priorities:
- better outcomes for consumers and small businesses;
- strengthening market disclosure foundations and conduct by ASIC-regulated professionals;
- better outcomes for Australians planning for, and in retirement;
- strengthening operational, digital and data resilience and safety; and
- driving integrity and transparency across markets.
Each strategic priority is supported by descriptions of specific areas on which ASIC will focus.
For consumers ASIC will focus on:
- lender responses to financial hardship
- debt collection, debt management and credit repair practices
- internal dispute resolution
- disrupting scams
- service issues in life insurance,
- accuracy and transparency of general insurers’ disclosures about premiums
- general insurance cash settlements
- offset accounts linked to mortgages to assess whether customers are receiving benefits from these accounts
- mortgage brokers’ compliance with their obligations under the credit legislation, including their obligation to act in the best interests of consumers
- compliance by AFS licensees recommending and offering managed accounts to retail clients with the general licensee obligations and advice conduct obligations.
- early detection of high-risk managed investment schemes– including those investing retirement savings through self-managed superannuation funds
- distribution practices for complex products, including acquisition of clients for contracts for difference (CFDs) and selling of emerging high-risk or complex products to retail clients
- banks removing barriers for low-income customers to access low-fee transaction accounts
- the motor vehicle finance sector, focusing on outcomes for consumers – particularly those living in regional and remote locations, including Indigenous communities
- compliance program for Financial Adviser Register records to determine if relevant providers remain authorised to provide personal advice to retail clients.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
