ASIC Archives - Consumers' Federation of Australia

20 November , 2023

ASIC Welcomes New Commissioners

Original media release by ASIC (20/11/2023). ASIC Chair Joe Longo has welcomed the commencement of new Commissioners Simone Constant and Alan Kirkland, who began their five-year terms today. In August the Treasurer announced the appointment of three new Commissioners to ASIC to serve alongside Mr Longo, Deputy Chair Sarah Court and Deputy Chair Karen Chester,…

17 November , 2023

ABA Consults ASIC on Proposed Banking Code Changes

Original media release ASIC (17/11/2023). Today ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of…

14 November , 2023

Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills

New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.

10 November , 2023

New Investor Alert List Replaces ‘Companies you should not deal with’

ASIC has today strengthened its scam prevention tools to support consumers with the publication of a new investor alert list. Consumers can use this list to help inform themselves as to whether an entity they are considering investing in could be fraudulent, a scam or unlicensed.

9 November , 2023

Greenwashing a ‘misleading statement’ says ASIC

Greenwashing is simply misleading and deceptive conduct by another name, writes ASIC Deputy Chair Sarah Court FAICD.

8 November , 2023

ASIC Takes Down Over 2,000 Investment Scam and Phishing Websites

At a press conference today, Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. The takedown capability removes or limits access to fraudulent and malicious websites on the internet and expands on a three-week trial ASIC conducted in 2022.

8 November , 2023

ASIC Takes Action Against Telstra Super in First Proceeding Under its New Regime

Original media release by ASIC (6/11/2023). ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements. This is the first proceeding under this regime, which came into effect on 5 October 2021. The new regime makes certain provisions of ASIC’s Regulatory Guide for Internal…

1 November , 2023

ASIC to Take “strong regulatory action” in Light of Second Publication on the Reportable Situations Regime

‘The reportable situations regime has now been in place for over two years, and licensees have had ample time to take the necessary steps to ensure full compliance with the requirements,’ said ASIC Chair Joseph Longo.

‘Since its commencement, ASIC has been working with stakeholders to improve the operation of the reportable situations regime, including through providing guidance and modifications. ASIC will now move to taking stronger regulatory action to drive improved compliance with the regime, including enforcement action where appropriate.’

26 October , 2023

‘Don’t get burnt by hype’ the Launch of ASIC’s Latest Consumer Awareness Campaign

ASIC has today launched a consumer campaign to raise awareness of the risk associated with investment hype to coincide with the Australian release of Dumb Money, a new film about the GameStop short squeeze episode in 2021.

26 September , 2023

NAB’s Conduct Ruled Unconscionable – Maximum $2.1 Million Penalty Applied

“If systems have let customers down, we expect all financial institutions, especially our banks, to act quickly to reduce consumer harm,”

19 September , 2023

AustralianSuper Sued Over Multiple Superannuation Accounts

ASIC alleges that for almost ten years, AustralianSuper failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts and to merge those accounts, where merger was in the member’s best interests.

6 September , 2023

ASIC ‘takes aim’ at Over-the-Counter Derivate Distribution and Other High Risk Products

Since March 2023, ASIC has taken regulatory action against five issuers of retail OTC derivative products for breaches of DDO. This has resulted in 10 interim stop orders relating to retail OTC derivatives, with further DDO-related investigations of high-risk product issuers underway. ASIC recently commenced its first design and distribution proceedings in the Federal Court against a CFD issuer (23-204MR) and will continue to take appropriate regulatory action where it sees DDO contraventions and risk of consumer harm.