ASIC’s 2023-2024 Corporate Plan
ASIC has released its Corporate Plan for 2023-2024 outlining its strategic priorities and focus areas over the next two years. A key priority is improving consumer and investor outcomes with a focus on fairness, honesty and efficiency in financial markets.
ASIC will assess emerging consumer risks and harm, and take enforcement action where needed to address misconduct and uphold community standards.
For advice businesses, ASIC intends to build on work already underway to lift professionalism and trust in the financial advice sector.
This includes continuing to enforce improvements to advice quality and compliance through the implementation of the Royal Commission recommendations. ASIC will monitor the effects of banning commissions and ensure the new fees-for-no-service refunds are properly paid out. It will also focus on assisting the transition to new education standards for advisers.
Another strategic priority is addressing climate and environmental risks. ASIC expects all financial services entities to have appropriate governance and risk management relating to climate change and the energy transition. It will take action against ‘greenwashing’ and entities not properly disclosing or managing climate-related financial risks. Advice businesses need to ensure they have adequate processes to consider and advise clients on climate risks and sustainable investment options.
More broadly, ASIC aims to have strong and deterrent enforcement outcomes to promote confidence in markets. For advice businesses, this means ensuring thorough compliance programs are in place and any issues are self-reported to ASIC proactively.
The Corporate Plan emphasises ASIC will not hesitate to litigate or ban individuals where needed to protect consumers and meet its regulatory objectives.
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