ASIC today published its Corporate Plan for 2020-24, which sets out how we aim to achieve our vision through our strategic priorities and actions over the next four years.
The Corporate Plan outlines actions we are taking to address the impact of the COVID-19 pandemic as well as longer term threats and harms in our regulatory environment. A key consideration in all our work is the extent to which we are supporting the long term recovery of the Australian economy.
Our work to address the COVID-19 pandemic is guided by five strategic priorities:
- protecting consumers from harm at a time of heightened vulnerability;
- maintaining financial system resilience and stability;
- supporting Australian businesses to respond to the effects of the COVID-19 pandemic;
- continuing to identify, disrupt and take enforcement action against the most harmful conduct; and
- continuing to build our organisational capacity in challenging times.
We are also committed to other important priorities and workstreams beyond our pandemic-related activities. Our longer term focus areas include:
- promoting confident participation in the financial system to support long term economic recovery
- deterring poor behaviour and misconduct through our ‘Why not litigate?’ discipline and driving cultural change using all of our regulatory tools;
- improving entities’ management of key risks to prevent and mitigate harms to consumers and promote a healthy financial system and economic growth;
- addressing consumer harm as a result of elevated debt levels and hardship, with a particular focus on predatory lending;
- reducing poor product design and restricting mis-selling;
- reducing misconduct by company directors and professional service providers; and
- delivering as a conduct regulator for superannuation.
‘Our core purpose is to ensure confidence in a financial system that, even under stress, can remain fair, strong and efficient. Confidence is the bedrock of the economic recovery process,’ said ASIC’s Chair, James Shipton. ‘This is the purpose of all our work, both in the immediate context of the pandemic and beyond it. We will continue to respond rapidly and strategically to the threats arising in an uncertain environment.’
To assist in executing this plan ASIC has made two senior organisational changes:
- Warren Day, formerly Executive Director, Assessment and Intelligence, has transitioned to the role of Chief Operating Officer; and
- The position of Chief Risk Officer has been established and Zack Gurdon has been appointed to this key role.