ASIC has published its supervisory priorities for 2026-27 for the banking, superannuation, general insurance, life insurance and financial markets sectors.
Banking sector: ASIC will review the use of AI in customer-facing activities, decision-making and lending processes (including governance and risk assessment of new and proposed use cases of AI for consumers and small businesses) and will review lender conduct practices, such as incentives, referrer arrangements, and broker oversight. There will be an ongoing focus on offset accounts and controls to keep promises to customers and prevent systemic failures, and to improve outcomes for those in financial difficulty.
Superannuation sector: ASIC will continue its multi-year review of superannuation member services and begin new reviews on trustee oversight of advice fee deductions and retirement as well as death benefit claims handling. ASIC is currently testing how well superannuation trustees use member complaints data to identify and address systemic issues and to improve service delivery.
General insurance sector: ASIC will review the practices of for-profit claims management firms (including those commonly referred to as ‘disaster chasers’) and the potential implications of some firms’ practices for consumers. It will continue to focus on motor vehicle insurance premium disclosure and cash settlements in home building insurance.
Life insurance sector: ASIC will review life insurance practices related to funeral insurance and continue its review into service issues in life insurance.
Markets sector: ASIC will continue to use market intelligence and data, and targeted surveillance to examine distribution and fee and incentive structures.
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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.
