ASIC has published its Corporate Plan for 2020-24 as well as its work to address the COVID-19 pandemic and its revised timetable of ongoing work.

Its short term priorities include protecting consumers from harm at a time of heightened vulnerability and supporting Australian businesses to respond to the effects of the COVID-19 pandemic.

Its longer-term focus areas include:

• deterring poor behaviour and misconduct through its ‘Why not litigate?’ discipline and driving cultural change using all of its regulatory tools;
• addressing consumer harm as a result of elevated debt levels and hardship, with a particular focus on predatory lending;
• reducing poor product design and restricting mis-selling;
• reducing misconduct by company directors and professional service providers; and
• delivering as a conduct regulator for superannuation.

ASIC’s revised timetable of ongoing work indicates that it is planning to publish by the end of September a new regulatory guide on product design and distribution obligations as well as a report on industry performance and regulation of buy now pay later services.

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