The latest issue of the ASIC enforcement and regulatory update is now live! The update revealed over 10,000 investment scam websites and online advertisements have been shut down by ASIC. Here are more highlights of our #enforcement and #regulatory outcomes.
ASIC
Government Administration
Sydney, NSW 185,575 followers
ASIC is Australia's corporate, markets, financial services and consumer credit regulator.
About us
ASIC is Australia's corporate, markets, financial services and consumer credit regulator. Our vision is for a fair, strong and efficient financial system for all Australians. ASIC uses social media to communicate and engage with the public and our stakeholders about our programs and work. We welcome user interaction on ASIC's official social media accounts. As a participant on any of ASIC's social media accounts, you agree to: • keep your content relevant to the topic and discussion; • use fair and respectful language and be courteous; • refrain from offensive language, or language that amounts to discrimination, a threat or harassment; • refrain from the promotion of any commercial products/services; • refrain from posting personal, private or confidential information; • refrain from breaching the intellectual property rights of others; • not impersonate other people or organisations; • not promote illegal or unethical behaviour; • be aware that social media is a public space, and all interaction is publicly viewable and searchable over time; • recognise that ASIC moderates its accounts, and any comments and contributions that do not comply with these rules may be removed, and where users continually breach the rules, or breach the rules in a significant way, may be removed and banned from ASIC's account; • recognise that contributions made by users or links or shared content posted by ASIC do not necessarily represent ASIC's views; and • adhere to the usage rules and standards set by the host site (e.g. Facebook, Twitter, LinkedIn) of this social media account. Questions and enquiries of a sensitive nature should be sent directly to ASIC, and not posted on social media. This will protect your personal information and allow ASIC to reply more promptly. More information about how to contact us is available on at www.asic.gov.au Journalists or organisations seeking official comment must contact ASIC's Media Unit: media.unit@asic.gov.au
- Website
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http://www.asic.gov.au
External link for ASIC
- Industry
- Government Administration
- Company size
- 1,001-5,000 employees
- Headquarters
- Sydney, NSW
- Type
- Government Agency
- Founded
- 1991
Locations
Employees at ASIC
Updates
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We're calling for industry insights on the opportunities and risks emerging from shifts in the dynamics between public and private markets ASIC has communicated its preliminary views on key opportunities and risks emerging from shifts in capital markets and called for insights and actionable ideas for us to consider on key questions as part of a discussion paper released today. Key areas of focus in our paper include: The future of Australia’s public equity markets The implications of the significant growth in private markets for market efficiency and confidence The critical importance of superannuation in Australia's economy and, as a driving force in markets Submit your feedback by 28 April 2025 To read the full paper, see our link in the comments #PrivateMarkets #PublicMarkets
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Today, the Federal Court has sent a strong message to the superannuation industry: trustees must act in the best financial interests of their members. AustralianSuper, the trustee of Australia’s largest super fund, has been fined $27 million after failing to merge multiple member accounts, leading to $69 million in unnecessary fees and lost investment earnings for approximately 90,000 members. Justice Hespe’s judgment is clear: "AustralianSuper’s failures to comply with s 108A for almost nine years after the section came into effect, to identify its non-compliance and to take steps to remedy that non-compliance were systemic failings and as explained above, were the result of failing to have appropriate systems and processes in place. The failures should not have happened. The failures are serious and highly concerning." ASIC Deputy Chair Sarah Court reinforced this, stating: “This penalty reflects the severity of the misconduct by Australia’s largest superannuation fund which betrayed the trust of its members and did not act in their best financial interests.” Superannuation is the foundation of financial security for millions of Australians, and fund trustees must be held accountable when they fail to meet their obligations. ASIC will continue to take strong action to protect consumers and ensure they receive the service they deserve. What can consumers do? If you have multiple super accounts, check our Moneysmart site for guidance on consolidation. #Superannuation #ConsumerProtection #FinancialServices
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We’re seeking feedback on new regulatory guidance for the Buy Now, Pay Later (BNPL) industry. Starting June 2025, BNPL providers will need to hold a credit licence and follow the rules set out in the National Credit Act. Our proposed guidance is designed to help providers understand these new obligations. If you're part of the BNPL industry or are a relevant stakeholder, we want to hear from you. Have your say by 5 PM AEDT, 7 March 2025. #BuyNowPayLater #ConsumerProtection
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In the period 1 October to 31 December 2024, we took decisive enforcement action to protect small businesses across Australia. This included: • four company directors through disqualification – two for the maximum five years • one director charged for making misleading statements to ASIC • one director sentenced for making false statements to ASIC • 58 individuals for 107 offences in failing to assist registered liquidators following the collapse of their companies. We urge small business owners to keep accurate financial records, stay informed, and seek professional advice to ensure compliance and safeguard their businesses.
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🚨 Scam Alert: Fake Investment Bonds Impersonating Bunnings 🚨 We're warning consumers about an investment scam targeting Australians. Scammers are impersonating @Bunnings Warehouse, offering fake sustainability investment bonds promising returns of up to 9% and falsely claiming that investments are protected by the government. How the scam works: 🔍 Scammers create fake websites with Bunnings branding and links that appear to direct users to the genuine Bunnings website. 🔍 They offer three investment options, ranging from $50,000 to $250,000, with higher-than-market returns. What you need to know: 🔍 Bunnings does not offer bonds or any investment products. 🔍 Never provide personal information or act on unsolicited investment offers. 🔍 Always verify the legitimacy of investment opportunities and check if the business is licensed by visiting ASIC’s website. What to do if you think you’ve been scammed: 1. Stop: Don’t send any more money or communicate further with the scammer. 2. Check: Research the investment opportunity and verify its legitimacy. 3. Protect: Report the scam to Scamwatch and contact your bank immediately if you've shared financial information. For more tips on identifying and avoiding investment scams, visit our Moneysmart website or read our full advisory (both in comments) #InvestmentScams #ScamAlert #ConsumerProtection #FinancialLiteracy
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It’s time for superannuation trustees to step up against scams. Our recent review of 15 superannuation trustees found that none had an organisation-wide scams strategy in place. As custodians of Australians’ retirement savings, trustees play a critical role in protecting members from increasingly sophisticated scams—but too many are falling short. Moving forward, we are calling on trustees to: ✅ Develop and implement a dedicated scams strategy ✅ Proactively monitor, detect, and address scam risks ✅ Take ownership of protecting members—outsourcing isn’t enough. With scammers evolving their tactics, superannuation trustees must act now to protect members’ retirement savings from harm. Read more about this issue in our latest open letter to trustees, signed by ASIC Commissioner. More in comments #superannuation #corporateregulation
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We’re focused on protecting the integrity, safety, and trust of Australia’s financial system. For 2025, we’ve identified key issues shaping the financial landscape, including: ➡️ Adapting to shifts in public and private markets. ➡️ Tackling scams, cyber risks, and unsuitable advice. ➡️ Improving superannuation services and claims handling. ➡️ Insurance claims handling Let’s work together for a stronger, safer financial system. Swipe through to see the full list or read more detail via the first comment #ASIC #FinancialIntegrity #ConsumerProtection #Australia
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Buy now pay later products will be subject to stronger regulation with new laws boosting protection for Australian consumers. The National Credit Code has been extended to buy now pay later contracts, following royal assent of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024. From June 2025, providers of buy now pay later contracts will need to hold a credit licence that authorises them to engage in credit activities as a credit provider, subject to transitional arrangements. This means buy now pay later providers will need to adhere to the requirements in the national credit laws. ASIC supports the regulation of buy now pay later products to protect consumers from harm. Check the first comment to read more. #BuyNowPayLater #ConsumerProtection
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