It also details key regulatory and enforcement achievements
The Australian Securities and Investments Commission (ASIC) has announced continued progress in its transformation efforts during the 2023–24 financial year in its latest annual report.
ASIC chair Joe Longo (pictured above) outlined key regulatory and enforcement achievements, emphasising the agency’s focus on consumer protection, reducing business costs, and strengthening internal capabilities.
“We have made significant progress with the transformation work we began three years ago,” Longo said.
ASIC said its most extensive organisational redesign in 15 years has improved collaboration, enhanced systems, and bolstered regulatory capabilities, leading to several notable outcomes.
The corporate regulator achieved several regulatory and enforcement milestones, including its first successful greenwashing civil penalty action, its first stop order on a life insurance product, and the first infringement notice issued to the Australian Securities Exchange (ASX).
According to its annual report, ASIC also increased its investigations and legal actions, initiating around 170 new investigations — a 25% rise from the previous year — and filing 23% more civil proceedings.
On the consumer protection front, ASIC took down more than 7,300 investment scam and phishing websites, preventing significant financial losses for Australians. Additionally, the agency’s Moneysmart website saw over 11 million visitors, with more than 6 million people using its free tools and calculators to manage their finances.
Longo acknowledged the benefits of ASIC’s transformation but noted that ongoing disruption is part of the process.
“There is always more to be done to keep delivering for consumers, businesses, and the community we serve,” he said. “We have seen a number of changes in ASIC’s executive leadership team over the last year, which means we are well positioned to meet the challenges and opportunities the agency faces.
“We will continue to evolve and respond to new challenges in our operating environment and to the threats and harms that emerge.”
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