The challenges facing ASIC over the next decade

A speech by ASIC Chairman, Greg Medcraft, delivered at the American Chamber of Commerce in Australia Business Leaders’ Lunch, Hilton Sydney, 2 November 2012.

Ladies and gentlemen, today I will speak to you about the key challenges facing ASIC over the next decade.

I can then respond to any questions you might have.

There are three key challenges facing ASIC over the next decade to build resilience in the Australian financial system. These are:

  • growing regulatory perimeter: The growing regulatory perimeter, particularly with the exponential growth in superannuation (1.4 trillion to 3 trillion to 5 trillion) – this means more products, more investors and greater investment funds and therefore increased risk in the financial system
  • complexity: The increasing complexity of the financial system – products, information channels and financial markets are all increasing in complexity which also increases risk in the system
  • and most importantly, proactive regulation: Leveraging ASIC’s resources to be a proactive regulator. Benjamin Franklin ‘an ounce of prevention is worth a pound of cure’. Stakeholder engagement, surveillance, education and guidance are all part of ASIC's proactive approach in order to maintain confidence in Australia’s financial system.

Read the full speech (PDF 143 KB)

Last updated: 02/11/2012 12:00