ASIC Archives - Page 3 of 21 - Consumers' Federation of Australia

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.

30 August , 2023

ASIC Open Letter to Lenders: “Ensuring that lenders support consumers experiencing financial hardship is a priority for ASIC”

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-235mr-as-cost-of-living-pressures-persist-asic-calls-on-lenders-to-support-customers-in-financial-hardship/

29 August , 2023

ASIC’s Corporate Plan: Focus on Protecting Vulnerable Consumers and Small Businesses in 23-24

ASIC will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent.

‘We are responding to key trends and emerging issues in the regulatory landscape, where there are major shifts across sustainable finance, the digital and data economy, and an ageing population.’

‘We are also closely monitoring the development and use of artificial intelligence and what this means for the businesses and markets we regulate and exploring potential uses of this and other technologies within ASIC,’ Mr Longo said.

28 August , 2023

Three New Commissioners Welcomed to ASIC

The Treasurer has announced the appointment of Ms Katherine O’Rourke, currently a First Assistant Secretary at Treasury, as Commissioner from 11 September 2023. Mr Alan Kirkland, who is currently the CEO of leading consumer group CHOICE, and Ms Simone Constant, who is currently the Chief Risk Officer, Institutional Bank and Markets at the Commonwealth Bank of Australia, will commence their terms on 20 November 2023.

24 August , 2023

ASIC: Insurers Can and Should Improve Claims Handling

Deputy Chair Karen Chester said, ‘An insurance claim doesn’t have to be handled perfectly, but it must be handled well. Our claims handling review found good practices and poor practices across all six insurers. We identified five areas where insurers can and should make immediate claims handling improvements – consumer communications, project management, identifying vulnerable consumers and complaints, resourcing of claims and complaints handling’.