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19-249MR ASIC update on Royal Commission implementation
ASIC today provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission).
The Update outlines a number of measures across the organisation by which ASIC is implementing the seven priorities highlighted in its Corporate Plan 2019-23, one of which is to prioritise the recommendations and referrals from the Royal Commission.
ASIC Chair James Shipton said it was important for ASIC to regularly account for its progress in implementing the recommendations.
‘ASIC is working on the Royal Commission recommendations directed at ASIC and addressing concerns in the areas highlighted by the Royal Commission.
‘As we have seen in recent weeks, a number of those referrals and case studies are before the courts, and we have more under investigation. As we have also seen, the new regulatory powers provided to ASIC are enabling early intervention on what we believe are matters of potential significant harm to consumers.
‘In some cases we have initiated steps to provide consumers with interim protection ahead of legislative reforms, such as our proposed ban on unsolicited direct sales of life insurance and consumer credit insurance. Our new supervisory initiatives – Close and Continuous Monitoring and the Corporate Governance Taskforce – also continue to gain momentum. Finally, we are dedicating significant additional resources to support the Government’s Implementation Roadmap.
‘This Update, outlining as it does the progress in pursuit of ASIC’s renewed enforcement mandate, should indicate the sense of urgency and significance that the ASIC Commissioners and staff are bringing to the task. It also demonstrates that we will continue to use all of the regulatory tools at our disposal to deliver a fair, safe and efficient financial system for all Australians.’