ASIC's Focus for 2024

(Reuters) – Australia's corporate watchdog, the Australian Securities and Investments Commission (ASIC), announced on Thursday its agenda for the coming year, emphasizing the protection of consumers amid rising cost-of-living challenges.

ASIC aims to combat misconduct within the financial sector, particularly focusing on exploitation of retirement savings and fraudulent property investment schemes. Additionally, the regulator will target insurers acting in bad faith, "greenwashing" in marketing, and businesses that bypass consumer protections related to predatory credit practices.

The assertion of these priorities highlights ASIC's commitment to shielding Australians from financial harm and holding accountable those who attempt to exploit them.

This initiative aligns with a broader effort across Australian regulatory bodies to address misconduct, a movement spurred by the findings of a Royal Commission investigation into the financial sector concluded in 2019.

In 2023, ASIC initiated 25% more investigations than the previous year, with a 23% increase in new civil proceedings. Their enforcement actions have tackled issues such as greenwashing, cryptocurrencies, predatory lending, high-cost credit, and insider trading.

Additionally, Australia’s competition regulator is taking steps to protect consumers by suing supermarket giants Woolworths and Coles for allegedly raising prices while offering minimal discounts. These retailers are also under various government inquiries, with some lawmakers advocating for their dissolution.

(1 Australian dollar = 1.5434 AUD)