ASIC today published its Corporate Plan for 2017–18 to 2020–21.
The Corporate Plan outlines ASIC's vision which is to allow markets to fund the economy and, in turn, economic growth. In doing so, ASIC contributes to the financial wellbeing of all Australians. ASIC does this by:
- promoting investor and consumer trust and confidence;
- ensuring fair and efficient markets; and
- providing efficient registration services.
The Corporate Plan explains:
- the long-term challenges to ASIC’s vision and the risks that warrant its attention in 2017–18
- ASIC's strategy for achieving its vision, including:
- its ‘detect, understand and respond’ approach for identifying and addressing misconduct;
- how ASIC will continue to strengthen its capabilities;
- ASIC's actions to address long-term challenges and risks – that is, the areas to which ASIC will pay particular attention over the four years to 2020–21 and the areas on which ASIC will focus in 2017–18.
- how ASIC will measure and evaluate its performance.
In this year’s Corporate Plan:
- ASIC highlights the need to keep building people's financial capability to support them in planning for their future;
- ASIC again outlines its vision of ‘what good looks like’ for the sectors it regulates.
ASIC Chairman Greg Medcraft said: ‘The financial sector continues to evolve, driven by demographic and structural change, globalisation and technological advancements. As always, changes may challenge trust and confidence and market integrity. However, if changes are well-managed, they can also enhance the financial wellbeing of all Australians.’
‘We will continue proactive surveillances to improve consumer outcomes and where we find misconduct we will take enforcement action.’
‘ASIC continues to change, positioning itself for the future. This includes One ASIC, which is about better using data and having common systems and processes to 'connect the dots' and achieve regulatory outcomes.’
‘Significantly, the introduction of an industry funding model gives us greater certainty of funding and ensures we are resourced to achieve our vision. It will enable business to better understand the job we do and the cost of doing that job. It will establish price signals to help drive economic efficiencies.’