ASIC’s latest annual report 2023-24 showcases significant regulatory and enforcement outcomes aimed at protecting consumers, reducing business costs, and strengthening the agency's capabilities.
ASIC Chair Joe Longo said the report reflects the progress made over the past three years in ASIC's transformation program, which included the agency's most significant organizational redesign in 15 years.
“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.
This restructuring has led to improved collaboration, enhanced systems, and strengthened capabilities, resulting in several important outcomes.
Among the key achievements highlighted in the report are several regulatory and enforcement milestones. ASIC recorded its first successful civil penalty action against greenwashing, implemented the first stop order on a life insurance product, and issued its first infringement notice to the Australian Securities Exchange (ASX).
These actions demonstrate ASIC's commitment to holding entities accountable and ensuring compliance with regulatory standards, according to the regulator.
In 2023–24, ASIC significantly ramped up its enforcement efforts, commencing approximately 170 new investigations—a 25% increase from the previous year. Additionally, the agency initiated 23% more new civil proceedings compared to the prior period. These actions are part of ASIC's broader strategy to bolster compliance and enforcement mechanisms.
Consumer protection remains a top priority for ASIC. The agency successfully took down over 7,300 investment scams and phishing websites, helping to safeguard Australians from potential financial losses. Furthermore, the ASIC Moneysmart website has seen usage by over 11 million Australians, with more than 6 million individuals utilizing its free tools and calculators to better manage their finances.
Mr Longo there were still areas where ASIC can improve and that the agency remains committed to continuously enhancing its services for consumers, businesses, and the broader community.
The report also mentioned recent changes in ASIC’s executive leadership team, which Mr. Longo believes positions the agency well to address upcoming challenges and seize new opportunities.
“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,” he said.
'We will continue to evolve and respond to new challenges in our operating environment and to the threats and harms that emerge.”
ASIC's annual report illustrates the agency's dedication to transformation and its proactive approach to regulatory and enforcement responsibilities. As it moves forward, ASIC remains focused on delivering for consumers and businesses, while navigating the evolving complexities of the financial environment.
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