Asic strategic priorities

We’re intensifying our strategic focus on the wholesale OTC sector – primarily fixed income ,. Retail investor protection. Thank you for inviting me to speak at your conference today about ASIC’s key strategies and focus areas over the coming year, particularly in relation to improving conduct and restoring trust. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Financial Services Royal Commission) has highlighted the harms that unlawful and unethical conduct can inflict on consumers and investors.

I should say at the outset that while it is all well and good to have regulators speak about how they will improve conduct and build trust it perhaps misses a key point. That point is, of course, that it is the people we license to provide financial services or credit services and their employees that have the frontline role to comply with relevant laws and keep customers top of mind. To be frank, as a starting point to establishing trust, individuals, firms and industry need to improve their conduct. To support better conduct, cultural change and better gov.

See full list on asic. In ASIC’s latest Corporate Plan, released last week, we set out our new vision and mission statements, and how we will meet our strategic goals over the next year and beyond. Our regulatory mission statement articulates the way we will realise our vision, and states that we will use our regulatory tools to: 1. We will continue to work with Government on the significant upgrade to ASIC’s enforcement powers and penalties that is in train, and. Australians be in control of their financial lives.

In previous years, we talked about meeting our long term challenges. This year, we are introducing a new threat, harm and behaviour framework to better identify, describe and prioritise actual and potential harms that need to be addressed. This framework guides how we identify and prioritise threats of harm, the behaviours that underpin them, and actual and potential harms to consumers, investors and fair and efficient markets. The framework includes our approach to: 1. A key part of our work over the next year will be implementing new supervisory approaches.

This work follows additional funding which was recently announced by Government to progress our strategic priorities. It will improve ASICs enforcement capabilities and enable it to undertake new regulatory activities, so as to better deliver on its mandate of combating misconduct in corporations and in the financial services industry. The funding covers a number of initiatives in relation to our new supervisory approach, but I will focus in particular on three items. As I said in the introduction, ASIC is a core part of the financial system.

We have an important role in influencing behaviours that build and restore trust, and our work over the coming year, some of which I discussed today, is focused on this. But as risk professionals, you play a central role in ensuring that the firms with whom you work are able to understand how decisions that are made may impact conduct risk and be proactively on the look out for such risks. Your roles will no doubt be even more critical over the next few years, as the sector takes action to restore trust which has been lost. Thank-you, and I look forward to the panel discussion.

COVID-strategic priorities. Maintain financial system resilience and stability. As outlined in our Interim. Strategic priorities. ASIC ’s program of change will help to support its strategic priorities , which will adapt to prevailing threats throughout the course of the plan.

It explains how we will act strategically to address misconduct in the financial system and improve consumer outcomes. ASIC ’s enforcement strategy and priorities ASIC ’s enforcement teams are committed to meeting the strategic priorities and addressing the priority areas outlined. ASIC ’s expanded enforcement toolkit, including new and increased civil and criminal penalties › use emerging technologies to enhance ASIC ’s enforcement capabilities › better communicate ASIC ’s enforcement priorities , outcomes and performance.

ASIC ’s strategic priorities , which are outlined above in ‘Our regulatory powers’. A number of ASIC ’s compulsory information-gathering powers can only be used when we are conducting, or intending to conduct, a formal investigation. Discover new styles by Asic s. Express delivery in 3-working days.

The Corporate Plan outlines how we aim to achieve that vision through our strategic change program and key priorities. Our immediate focus has been on assessing the key vulnerabilities in our regulated sectors in the current environment and developing targeted strategic priorities. How the coronavirus is changing markets, business and politics.