ASIC

ASIC

Government Administration

Sydney, NSW 182,481 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
http://www.asic.gov.au
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 have commenced legal proceedings in the Supreme Court of NSW seeking leave to allege Regional Express Holdings Limited (administrators appointed) (Rex) engaged in misleading and deceptive conduct and contraventions of continuous disclosure obligations. We will also allege former executive chair Lim Kim Hai was involved in Rex’s continuous disclosure breach and that Mr Lim, along with The Hon John Sharp AM, Lincoln Pan and Siddharth Khotkar, contravened their directors’ duties. Chair Joe Longo said, ‘Our case will allege serious governance failures at Rex. Rex’s directors had a responsibility to take reasonable steps to ensure the company complied with the law and we will seek to hold them to account. ‘We will allege four of Rex’s directors breached their duties because they failed to take steps to ensure the market had accurate information about the company’s financial performance.’ Check the first comment to read more. #ContinuousDisclosure #DirectorsDuties #MarketIntegrity

    • ASIC sues Rex and four directors for serious governance failures
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    In a recent speech at the Australasian Consumer Law Roundtable, Commissioner Alan Kirkland highlighted the need to extend the proposed Unfair Trading Practices Prohibition to financial services. Why? Because financial products are complex, high-stakes, and ripe for exploitation. Without this protection, Australians will be vulnerable to harmful practices like opaque fees or biased algorithms when dealing with financial firms. We’re calling for an economy-wide prohibition to protect all consumers and future-proof our laws. What’s your take on this critical reform? #ASIC #ConsumerProtection #FairTrading

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    We’re committed to workplace diversity and fostering an inclusive environment where all our people, our stakeholders and our communities are treated with fairness and respect. So, in celebration of International Day of People with Disability, Commissioner Kate O’Rourke hosted a discussion with guest speakers from the Australian Bureau of Statistics on neurodiversity in the workplace. The speakers shared their personal stories and insights on navigating a successful career and how we can support our neurodiverse friends and colleagues. #IDPwD #neurodivergent #diversity

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    Insurers are failing to identify one in six customer complaints, effectively denying those Australians critical protections available through the Internal Dispute Resolution (IDR) system, an ASIC review has found. ‘Consumers have a right to expect that their complaints will be identified and handled in a fair, timely and effective manner. When things go wrong, the complaints process provides an opportunity to get them back on track,’ said ASIC Commissioner Alan Kirkland. Here are the highlights of the report:

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    We have released a consultation paper outlining proposals to update our digital asset guidance. Commissioner Alan Kirkland said, ‘We want to promote the growth of responsible financial innovation while ensuring consumer protection. Many digital assets and related products are financial products under the current law. Stakeholders have been calling for greater clarity and in response, we are releasing our draft updated guidance.’ Feedback on the consultation is due by 5pm on 28 February 2025. Check the first comment to read more #DigitalAssets #cryptoassets #crypto #regulation #Blockchain #Innovation

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    We have released our first publication of industry-wide data reported under the internal dispute resolution (IDR) data reporting framework. The report covers observations from over 4.7 million complaints reported by financial firms from 1 July 2023 to 30 June 2024. Here are the highlights:

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    The Federal Court has ordered Sasha Hopkins to pay $1.25 million and be disqualified for four years, in proceedings brought by ASIC. The Court also ordered that The A Team Property Group, five of the investment schemes and associated companies be wound up, and that receivers be appointed over the property of the schemes and related trusts associated with the schemes. This was the first time a court has ordered a pecuniary penalty against an individual for a contravention of section 601ED of the Corporations Act. It is also the third highest civil penalty ordered against an individual in relation to a proceeding commenced by ASIC. Check the first comment to read more. #ASIC #ConsumerProtection #InvestmentSchemes #Regulation

    • ASIC action results in $1.25 million penalty against Sasha Hopkins for unlicensed conduct
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    We have extended the legislative relief that allows insurers and their representatives to give emergency payments to consumers, in certain circumstances, without first giving them a Cash Settlement Fact Sheet. We conducted a review of the appropriateness of the relief and have decided to extend the relief with one minor amendment. Check the first comment to read more.

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    🚨 Important Update: Driving Better Outcomes for Superannuation Members 🚨 We are stepping up efforts to improve the handling of death benefit claims by superannuation trustees. Recent actions emphasise the need for trustees to prioritise transparency, fairness, and efficiency in serving their members. Key Highlights: 🔍 We have written to superannuation CEOs, urging them to review and improve death benefit claims processes. 🔍 We are encouraging the to focus on ensuring trustees gather and analyse data for better claimant outcomes. 🔍 This is part of our multi-year project to enhance trustee administration and member contact centre practices. An industry review report with detailed insights is expected in early 2025. 💡 ASIC is committed to holding the sector accountable. Last week, we initiated civil penalty proceedings against United Super Pty Ltd for alleged member services failures. 🌟 Why It Matters: Improving member services in the superannuation sector isn’t just a regulatory priority—it’s about ensuring fairness and care for members during critical life moments. Read more about our commitment to safeguarding superannuation members 👉 in the first comment #Superannuation #ASIC #MemberFirst #Transparency #Accountability #Regulation

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