ASIC today welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and acknowledged its important work.

ASIC will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government’s response, will inform ASIC’s priorities and strategic direction moving forward. The Royal Commission report identified ASIC’s enforcement culture as the focus of change needed at ASIC. This focus accords with ASIC’s change agenda, that has included the adoption of our ‘why not litigate?' enforcement stance, the initiation of our Internal Enforcement Review and the enhancement of our governance structures.

ASIC notes the serious matters referred by the Royal Commission of possible breaches of financial services laws. Consideration of these matters will be prioritised. ASIC does not, as a general policy, comment on actual or potential investigations.

ASIC looks forward to working with the Parliament, the Government, APRA and other regulators to implement the reform agenda to ensure a fair, strong and efficient financial system for all Australians. In coming weeks, ASIC will release an update. This will outline the actions ASIC has already under way and the further steps it will implement moving forward to continue to strengthen our governance, culture and practices, and realign our enforcement and regulatory priorities.

Background

In its submission to the Royal Commission Interim Report, ASIC committed to accelerating enforcement activities, conducting more civil and criminal court actions against larger financial institutions and, as a starting point for all enforcement matters, asking the question “why not litigate?”