ATO Deputy Commissioner Ben Kelly said while the latest data is promising, the ATO remains concerned that health practitioners and third-party facilitators continue to utilise predatory practices to get individuals to inappropriately access their super for financial gain.

‘Australians need to remember that super is there to set you up for retirement and there are strict and limited situations where people need to access their super early to pay for critical medical procedures,’ Mr Kelly said.

‘Our message to individuals and medical practitioners is clear – compassionate release of super should only be considered as a last resort, where all other options of paying for the eligible expenses have been exhausted.’

The ATO has been working with the Australian Health Practitioner Regulation Agency (Ahpra) to ensure applications to pay for health-related expenses are appropriate and do not take advantage of vulnerable people.

Ahpra CEO Justin Untersteiner said registered health practitioners should never put profits ahead of patients.

‘We are concerned by predatory sales tactics that use social media and internet advertising to attract patients for high-cost treatments they do not need or cannot afford,’ Mr Untersteiner said.

It is important that individuals understand the immediate tax consequences^[1] of accessing their super early. Approved amounts withdrawn may be taxable and increase reportable income, which could affect eligibility for government payments such as the Family Tax Benefit.

While application volumes have declined from last year’s figures, the total value approved has increased by 2% to over $1.4 billion.

The ATO continues to crack down on health practitioners and third-party facilitators, including dentists, who encourage individuals to inappropriately access their superannuation to fund cosmetic dental procedures.

‘A concerning trend we’re seeing are business arrangements that target and pressure people to access their super to pay for certain procedures,’ Mr Kelly said.

‘These arrangements include short online consultations and the use of templates designed to streamline the process for people to access their super.’

‘People should be very cautious of advertisements that promote early access to super. Taking the time to understand the risks and notice the red flags^[2]  can help avoid decisions that could significantly impact your retirement savings or result in penalties.’

This year, the ATO ramped up its compliance activities, targeting individuals, health practitioners and third-party facilitators who promote these schemes. Since 1  July 2025, the ATO has commenced over 160 reviews and audits where we consider false or misleading statements have been made in applications or medical reports, imposing penalties of over $1.5 million.

‘We believe the decline in applications shows our compliance actions are having an impact. Our message is being heard – we will actively hold all individuals and businesses involved in these arrangements to account and deter those who seek to exploit the system,’ Mr Kelly said.

‘We will continue to take strong action against third party facilitators who seek to exploit or undermine the system, protecting its integrity for those who need it most.’

Where Ahpra has evidence of practitioners providing fraudulent or misleading information to the ATO, the individuals may be referred to the relevant tribunal for alleged professional misconduct. This has already resulted in a practitioner having their registration suspended in relation to a patient’s cosmetic surgery, while other practitioners are the subject of ongoing tribunal proceedings.

Mr Untersteiner said Ahpra continues to receive notifications raising concerns about practitioners involved in the early release of superannuation. In addition, Ahpra proactively monitors practitioners to ensure they are meeting their professional obligations.

‘Practitioners should know that putting profits before patients is not only unsafe – it could cost them their right to practise,’ Mr Untersteiner said

‘Most practitioners do the right thing, and we welcome any signs that inappropriate use of superannuation is decreasing.’

To reiterate the required professional standards, Ahpra and the National Boards have issued compassionate release of superannuation guidance^[3] for practitioners as well as consumer resources^[4] developed by the Dental Board of Australia. More recently, Ahpra and the National Boards have issued conflict of interest guidance^[5].

More information on the strict eligibility requirements^[6] that must be met for the release of super on compassionate grounds is available on the ATO website.

Case study: penalties for medical practitioner

The ATO imposed an administrative penalty around $30,000 on a health practitioner for making false or misleading statements in a medical report, that was used to certify a compassionate release of superannuation application.

The health practitioner completed and signed a medical report supporting a patient’s application for early release of superannuation on compassionate grounds.

During an ATO compliance audit, it was revealed the clinical information and other supporting records were false and misleading. A number of statements in the report were found to be inaccurate, including the classification of the patient’s condition and information used to establish eligibility for compassionate release.

Reporting concerns

The ATO encourages anyone who is aware of inappropriate practices such as social media advertising leading to inappropriate early access of superannuation, or health practitioners providing inaccurate medical reports, to make a tip off or a voluntary disclosure to the ATO.

Concerns about a registered health practitioner’s conduct or professional performance can be reported to Ahpra.

———–

Notes:
[1] tax consequences
[2] red flags
[3] compassionate release of superannuation guidance
[4] consumer resources
[5] onflict of interest guidance
[6] eligibility requirements

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Sarah Court

ASIC secured court orders for civil penalties of $830 million and helped secure more than $580 million in repayments and refunds for consumers and investors during 2025-26, its latest annual report has shown.

ASIC Chair Sarah Court said the results reflected the agency’s enforcement and regulatory work.

‘Our focus is on addressing misconduct and delivering outcomes for consumers, investors and the market,’ Ms Court said.

‘This year, our work resulted in significant penalties as well as repayments and refunds for consumers and investors.’

ASIC commenced 260 formal investigations; 32 civil proceedings involving 65 defendants and completed 1,012 surveillances.

As part of its ambitious program of regulatory and enforcement work during the year, ASIC:

• improved outcomes for consumers experiencing financial hardship and low-income customers, with banks committing more than $160 million in refunds and more than 810,000 customers moving to low-fee accounts
• secured combined penalties of $250 million against ANZ for widespread misconduct across its retail banking division, and for institutional and markets misconduct
• removed more than 19,400 investment scam and phishing websites, and associated scam advertisements on social media
• took enforcement and regulatory action in connection with the Shield and First Guardian collapses, with 15 Federal Court proceedings commenced against 30 defendants, and around 4,000 consumers receiving approximately $421 million in repayments following court enforceable undertakings with Macquarie and Netwealth
• pursued tougher executive accountability through proceedings against 11 former executives and directors of The Star Entertainment Group Ltd
• drove industry-wide remediation in the contracts for difference sector and secured a court order for a record $300.2 million penalty against Union Standard International Group Pty Ltd and two former corporate authorised representatives
• acted to protect confidence in critical financial market infrastructure through ASIC’s inquiry into ASX Group’s governance, capability and risk management
• took action against market participants that had inadequate cyber security protection, while calling for urgent uplift in risk management amid proliferation of frontier AI
• set clearer expectations for private credit funds across disclosure, governance, conflicts, valuation, liquidity and credit risk management, and
• progressed regulatory simplification by removing more than 9,000 pages of legacy web content, updating more than 280 form landing pages and simplifying more than 180 pages of regulatory guidance. More than 97% of previously paper-only forms can now be lodged with ASIC by email.

Ms Court said ASIC would continue to build on the agency’s progress and respond to new and emerging risks.

“Our work in protecting consumers, enforcing the law, and ensuring open and transparent financial markets is more important than ever.”

“Our results show that we are delivering robust results in protecting Australians and strengthening confidence in the financial system. We intend to build on that momentum, and push for even greater impact, in the year ahead.”

Downloads

ASIC Annual Report 2025-26

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Alan Kirkland

ASIC has commenced consultation on guidance and standards to implement new laws for digital asset platforms and tokenised custody platforms commencing on 8 April 2027.

ASIC’s Consultation Paper 392 Digital asset law reform implementation: Proposed standards and guidance (CP 392) outlines its proposed approach to standards and regulatory guidance about complying with the new digital asset framework introduced by the Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act).

The consultation package includes draft guidance on how to comply with the new laws, proposed standards on asset-holding activities, trading and settlement activities, and proposed financial requirements for licensees.

ASIC Commissioner Alan Kirkland said that ASIC’s proposed guidance and standards recognised the rapid evolution of global markets.

‘Our proposed guidance and standards acknowledge the increasing role of digital assets and tokenisation, including in traditional parts of the financial system,’ said Mr Kirkland.

‘Our approach is based on the principle of “same activity, same risk, same regulatory outcome” to align Australia with the approach of comparable overseas jurisdictions. Bringing digital asset platforms and tokenised custody platforms into the financial services regulatory framework means consumers can have greater confidence when trading digital assets.

‘ASIC’s approach to implementation is designed to balance facilitation of innovation, investment and growth with maintaining the protections that Australians expect.’

ASIC engaged early with industry in developing these proposals and will continue to directly liaise with stakeholders through the consultation period via a series of events and targeted roundtables.

ASIC’s consultation package refers to regulatory design work that is being developed by Government in parallel to this process. This is intended to enable industry to see a complete picture of the future approach.

ASIC’s proposed guidance explains how the digital assets framework applies to:

• operators of Digital Assets Platforms (DAPs) and Tokenised Custody Platforms (TCPs), and others providing financial services for these new products, and
• existing Australian financial services (AFS) licensees, market participants, payments providers and other businesses that use or deal with digital assets.

ASIC’s proposed guidance outlines that firms will need to:

• apply for (or vary) an Australian financial services licence,
• provide customer disclosure documents and platform rules, and
• comply with asset-holding standards, transactional and settlement standards, and net tangible asset requirements, where relevant.

ASIC is also proposing to streamline licensing processes for existing AFS licensees and those who applied for an authorisation in response to Information Sheet 225 Digital assets: Financial products and services (INFO 225) adding DAP or TCP authorisations, to help with a smooth transition to the new regime.

ASIC’s consultation is open until 5pm AEDT 27 November 2026.

ASIC has also published a consultation user guide to help stakeholders navigate the full package and provide relevant feedback.

Submissions should be sent to fintech@asic.gov.au.

Downloads

• Consultation paper 392 Digital asset law reform implementation: Proposed standards and guidance
• User guide for CP 392

Background

DAF Act

The DAF Act amends the Corporations Act and introduces a new regulatory framework for:

• digital asset platforms (DAPs), which involve the holding of digital tokens on behalf of clients and associated platform services, and
• tokenised custody platforms (TCPs), which are arrangements that record underlying assets held for clients as digital tokens.

In April 2026, ASIC set out its roadmap for implementing the new regime to support industry. This also includes preparing industry for changes to licensing application or variation requirements.

ASIC’s proposed guidance has been informed by stakeholder engagement through ASIC’s Digital Asset Advisory Group, regular Fintech Liaison Meetings and international peer regulator forums.

ASIC’s previous work supporting digital assets

INFO 225 clarifies how existing laws apply to digital assets and related products.

INFO 225 was updated in October 2025 to reflect industry feedback from Consultation Paper 381 Updates to INFO 225: Digital assets: Financial products and services (CP 381), which proposed to update guidance to help businesses to determine licence authorisations and regulatory obligations that may apply to digital asset products and services. The existing financial services law is broad and technology-neutral, and already applies to many digital assets.

Transitional arrangements were implemented as a sector-wide no-action position with the release of updated INFO 225 (see Media Release 25-250MR).

In June 2026, ASIC clarified and expanded the full scope and conditions of its no-action position and extended the deadline to 30 September 2026, as a pragmatic response to industry transition challenges.

ASIC has recorded over 140 applications from businesses seeking to provide digital asset-related financial services. This includes more than 110 applications received in response to INFO 225 during the sector-wide no-action period from October 2025 to 30 September 2026.

ASIC’s ongoing work to support innovation

Since 2015, ASIC’s Innovation Hub has helped innovative FinTech and RegTech businesses navigate the Australian regulatory framework. It also provides a platform for domestic and international engagement on financial innovation and RegTech-related developments. ASIC continues to collaborate with Treasury and other agencies on joint initiatives under the Government’s Financial Innovation Strategy, announced in September 2026. This includes modernising Australia’s regulatory sandbox framework to support better testing and adoption.

ASIC has also supported past exploratory work on tokenisation. This includes participating the RBA and DFCRC led CBDC pilot (2023), and Project Acacia (2025-26) which explored the role of digital money in wholesale tokenised asset markets. ASIC continues to work with the RBA and other agencies on further work flowing from Project Acacia.

In May 2026, ASIC published a commissioned report prepared by the DFCRC, Report 834 Innovation in Financial Technology and RegTech (REP 834), to inform ongoing industry engagement on responsible financial innovation.

In June 2026, ASIC published a second report authored by the DFCRC, Report 835 Innovation in Financial Markets and Financial Market Infrastructure (REP 835), which informed ASIC’s work to promote dynamism in Australia’s capital markets and facilitate responsible financial innovation

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Fortnum also admitted it failed to have adequate cybersecurity expertise and risk management systems, exposing its authorised representatives and their clients to the risk of cyber-related attacks and cybercrime, that could result in serious harm and loss.

During the relevant period, Fortnum’s network comprised between 81 and 94 financial advice practices, more than 200 authorised advisers, and around 55,000 retail clients. These practices collected and held highly sensitive personal information, including identification documents, tax file numbers and financial account details.

ASIC Chair Sarah Court said the outcome reinforced that AFSL holders must properly manage and protect against cybersecurity risk.

‘Today’s outcome is the third obtained by ASIC against a licensee over failures to adequately protect against cybersecurity risk, following previous enforcement actions against RI Advice and FIIG Securities.

‘In this case, Fortnum was aware of the cybersecurity risks facing its business and authorised representatives but failed to implement an adequate cybersecurity policy and have adequate oversight and monitoring arrangements.

‘These failures exposed authorised representatives and their clients to the risk of cyber-related attacks and cybercrime and fell below the standard the public is entitled to expect from an AFSL holder.

‘This outcome reinforces ASIC’s continued focus on licensees getting the fundamentals right. Strong cyber resilience is critical to maintaining trust and confidence in our financial system. We will continue to work with industry to lift standards and take action where businesses fall short,’ the Chair said.

Fortnum admitted that, between 20 April 2021 and 11 May 2023, it:

• failed to implement an adequate cybersecurity policy to manage and mitigate cybersecurity risks across its business and authorised representative network
• failed to implement adequate processes, systems and frameworks to oversee and monitor the cyber resilience of its authorised representatives
• failed to maintain adequate human resources with specialised cybersecurity expertise, and
• failed to maintain adequate cybersecurity risk management systems.

Justice Black noted that the parties had agreed that as a result of its failures Fortnum exposed its authorised representatives and their retail clients to ‘…the risk of cyber-related attacks and cybercrime, the consequences of which could include serious harm and loss.’

His Honour Justice Black also stated, ‘I am satisfied that the proposed pecuniary penalty in the total amount of $1.35 million will provide the necessary sting or burden, given the scale of Fortnum’s business, to achieve the objects of specific deterrence and general deterrence. That penalty properly reflects the matters agreed between the parties, including the fact that the contravening conduct was not deliberate and that Fortnum has cooperated with ASIC, both during the investigation stage and in the conduct of this proceeding.’

The Court also ordered Fortnum to pay $250,000 towards ASIC’s costs.

Previous proceedings filed by ASIC alleging cyber resilience failures include those against RI Advice in May 2022 (22-104MR) and FIIG Securities in February 2026 (26-021MR).

Downloads

Judgment

Background

ASIC commenced proceedings against Fortnum in July 2025 after it was notified by Fortnum of a cyber attack against one of its authorised representatives (25-143MR).

Fortnum has uplifted its cybersecurity framework, including introducing mandatory cyber controls, annual reviews, enhanced training and specialist cyber expertise.

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Kate O’Rourke

ASIC’s second review into the financial reporting and audit of superannuation funds has found further improvement is needed in how some super funds and auditors assess and scrutinise the value of unlisted investments.

In Report 841 Accounting for your super: Super fund financial reporting and audit 2025–26 (REP 841), ASIC’s review of 42 registrable superannuation entity (RSE) financial reports and six audits found persistent concerns around valuations.

Superannuation is central to the long-term financial security of Australians and is a major part of the national economy. Total superannuation assets have more than doubled in the past decade to nearly $4.8 trillion in funds under management.

‘Millions of Australians entrust superannuation trustees with their retirement savings. It’s imperative those investments are valued accurately, and auditors provide effective scrutiny to detect any unreliable investment valuations,’ said ASIC Commissioner Kate O’Rourke.

‘Getting valuations right matters. Accurate investment valuations are particularly important as they directly affect members’ account balances, reported investment returns, fees charged and therefore retirement outcomes.

‘Trustees cannot outsource responsibility for ensuring investment valuations are accurate and reliable, even where external fund managers are involved.’

RSE financial reports

ASIC’s review of financial reports found:

• trustees often relied on external fund managers to provide fair value information for externally managed unlisted investments, which may limit their ability to review and challenge significant valuation assumptions and estimates
• some trustees did not adjust member liabilities in a timely manner following significant investment write-downs, and
• fair value hierarchy disclosures continue to only provide high-level descriptions and references to external pricing sources, with limited information about the valuation techniques, inputs and judgements used. This makes it difficult for members to understand how some fair values were determined and the uncertainty involved.

If trustees do not have enough information to scrutinise how an investment has been valued, there is a greater risk that the value reported may not accurately reflect the underlying assets.

Trustees should have strong oversight and controls so they can challenge valuations provided by external fund managers and ensure members’ superannuation balances are measured accurately. This is particularly important for private market assets and unlisted investments which can be difficult to value and may rely on significant judgements, assumptions and estimates.

Audits of RSE financial reports

ASIC’s review of audits found:

• for externally managed investments, some auditors did not adequately test the reliability of prices provided by external fund managers, or test the methods, assumptions and data used for the valuations, and
• for internally managed investments, some auditors did not obtain sufficient appropriate audit evidence for the valuations.

Without effective scrutiny by auditors, unreliable investment valuations may go undetected, affecting the accuracy of members’ balances and reported investment returns.

Auditors need stronger audit evidence for the valuations of unlisted investments. They must rigorously test and challenge valuation assumptions and assess the reliability of prices provided by external fund managers.

Future surveillance of RSEs

In 2026–27, ASIC will continue the RSE financial reporting and audit surveillance program and expand to include managed investment schemes (schemes). We will:

• review the financial reports of 20 RSEs and 20 schemes
• undertake four RSE audit surveillances and four scheme audit surveillances, and
• consider regulatory action, including issuing audit deficiency reports, and enforcement action where we see a significant breach of the Corporations Act 2001.

‘We will continue working with industry to improve the reporting and auditing of unlisted investments so members can have greater confidence that their superannuation balances are based on reliable valuations,’ Ms O’Rourke said.

‘Trustees and auditors must address these ongoing concerns. Where they fail to do so, we will consider regulatory action.’

Downloads

Report 841 Accounting for your super: Super fund financial reporting and audit 2025–26 (REP 841)

Background

ASIC’s review of RSE financial reports in 2025-26 represented the remainder of the population of the RSEs that we did not review last financial year.

In 2025, we published Report 816 Accounting for your super: ASIC’s review into the financial reporting and audit of super funds (REP 816), which outlined our findings and called on superannuation trustees and auditors to strengthen financial reporting and audit practices.

REP 841 builds on that work by reporting the findings from our 2025-26 surveillance activities and assessing industry progress in addressing the issues previously identified.

Audit firms included in ASIC’s review

• BDO
• Deloitte
• Ernst & Young (EY)
• KPMG
• PricewaterhouseCoopers (PwC)

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Alan Kirkland

The mortgage broking industry should strengthen how it demonstrates that home loan recommendations are in their customers’ best interests, an ASIC review has found.

Released today, ASIC Report 840 Mortgage brokers: Review of best interests duty and complaints handling practices (REP 840) examined 13 credit licensees that make up eight large mortgage broker groups. It looked at how they ensure their credit representatives comply with the mortgage broker best interests duty and consumer complaints.

ASIC Commissioner Alan Kirkland said that the review showed while mortgage brokers had existing processes to support acting in their customers’ best interests, the industry needed to do more to ensure those processes delivered consistently for consumers.

‘Mortgage brokers can play a critical role in helping Australians make one of the most significant financial decisions of their lives.

‘More than 80% of home loans are now arranged through mortgage brokers. With that level of influence comes an obligation to act in consumers’ best interests when recommending a loan,’ Mr Kirkland said.

ASIC’s review found that mortgage brokers’ practices generally aligned with our guidance. However, it also identified that brokers and aggregators could strengthen loan recommendation practices, supervision and complaints handling. This included cases where brokers recommended a loan when a potentially lower cost alternative was available.

Seven of the eight aggregator groups reported that brokers did not recommend the cheapest loan option in more than 20% of cases. While there may be reasons to recommend a higher-cost loan, such as greater benefits from certain loan features, ASIC found instances where brokers did not have clear evidence to support those recommendations.

‘Where a broker recommends a loan that costs more than the available alternatives, consumers should be able to clearly understand why that recommendation delivers greater value for their circumstances,’ Mr Kirkland said.

The review also found that complaints about the best interests duty took longer to resolve than other complaints.

‘When customers raise concerns about a home loan recommendation, they should expect those concerns to be considered and resolved promptly,’ Mr Kirkland said.

‘Our review found complaints being missed, withdrawn without being fully investigated, or delayed. When complaints are not handled properly, confidence in the complaints process can be undermined.’

The report outlines actions for mortgage brokers to strengthen loan recommendation practices, consistent with Regulatory Guide 273 Mortgage brokers: Best interests duty (RG 273). It also highlights opportunities to improve the use of data to identify conduct risks and strengthen complaints handling and reporting practices under Regulatory Guide 271 Internal dispute resolution (RG 271).

‘Acting in customers best interests is fundamental to trust in the mortgage broking industry. Consumers rely on brokers to help them navigate a complex market and recommend products that meet their needs,’ Mr Kirkland said.

‘Licensees should closely monitor recommendations made by brokers operating under their licence, particularly where a lower-cost loan is available. The greater the cost difference, the stronger the evidence needed to show the recommendation is in the consumer’s best interests.

‘Consumers place significant trust in mortgage brokers. Strong supervision, effective monitoring and robust complaints handling help ensure that trust is well placed.’

ASIC expects mortgage broker licensees to carefully consider the findings in this report and take steps to address gaps in their practices.

Background

The best interests duty is a legal obligation requiring mortgage brokers to act in the consumer’s best interests when recommending a home loan.

ASIC’s review covered aggregator groups responsible for approximately two-thirds of mortgage broker representatives in Australia. ASIC obtained data from aggregators covering the period from 1 April 2023 to 31 March 2025.

Aggregator groups reviewed by ASIC

• Australian Finance Group Ltd
• Connective Credit Services Pty Ltd
• Finsure Finance & Insurance Pty Ltd and Beagle Finance Pty Ltd
• Lendi Group Distribution Pty Ltd – part of the Lendi Group (Aussie)
• Loan Market Pty Ltd, LMG Broker Services Pty Ltd and BLSSA Pty Ltd – part of Loan Market Group
• Mortgage Choice Pty Ltd and Smartline Operations Pty Ltd
• Outsource Financial Pty Ltd
• Yellow Brick Road Aggregation Pty Ltd (Vow Financial) and Yellow Brick Road Finance Pty Ltd (Yellow Brick Road)

For consumers

For information about using a mortgage broker and the questions to ask when choosing a home loan that meets your needs, go to ASIC’s free Moneysmart website for consumers.

Download

• Report 840 Mortgage brokers: Review of best interests duty and complaints handling practices (REP 840)
• Regulatory Guide 273 Mortgage brokers: Best interests duty (RG 273)
• Regulatory Guide 271 Internal dispute resolution RG 271

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Sarah Court

ASIC has released the program for its Annual Forum 2026, which will bring together leaders from business, financial services, markets, government, and the community in Sydney on 17 and 18 November.

The Forum’s theme ‘Staying ahead of the next wave’, examines how Australia can safeguard the integrity of its financial system and maintain confidence for consumers and markets in an environment of accelerating and varied global change.

ASIC Chair Sarah Court said the forum would bring together a range of perspectives to explore how Australia’s financial system can anticipate and respond to the next wave of change.

‘Economic pressures, geopolitical uncertainty, and rapid technological innovation are reshaping our financial system and our markets.’

‘The challenge for all of us – government, business and regulators is to address these factors in a way that is front footed and forward thinking.’

‘ASIC’s Annual Forum is an important opportunity to consider how we navigate these changes together. It is also where ASIC will outline its enforcement priorities for the year ahead, helping ensure Australia’s financial system remains resilient in the face of ongoing disruption.’

Highlights of the 2026 program include:

• A keynote address from The Hon Dr Jim Chalmers MP, Treasurer of Australia
• A discussion on the state of the economy bringing together ASIC Chair Sarah Court, RBA Governor Michele Bullock, Productivity Commission Chair Danielle Wood and Coles CEO Leah Weckert
• A session examining how digital assets, retail participation, AI and the growing interconnection of Australian and global markets are changing the way markets operate, with ASIC Commissioner Simone Constant, ASX CEO Anthony Attia, UBS’s Nick Hughes and Betashares CEO Alex Vynokur
• A virtual keynote and Q&A with Martin Wolf CBE, Chief Economics Commentator at the Financial Times in London
• A discussion on how innovation is reshaping how Australians access financial products and services with ASIC Commissioner Kate O’Rourke, CEO, Revolut Bank Matt Baxby, Financial Conduct Authority Head of Innovation Colin Payne, incoming CEO, Redbelly Network Christian Westerlind Wigstrom and Co-Director of the UTS Human Technology Institute Professor Nicholas Davis
• ASIC Commissioner Alan Kirkland leading a discussion on the human face of global disruption with Professor Brendan Murphy AC, Chair, Australian Red Cross Lifeblood, Chandni Gupta, Deputy CEO, Consumer Policy Research Centre and Dr John Coyne, Director, National Security Program, ASPI
• Fireside discussions with Anthropic General Manager of Australia and New Zealand Theo Hourmouzis and Solicitor General Dr Ruth Higgins SC
• A conversation on lifting Australia’s productivity, with ASIC Chair Sarah Court, Treasury Secretary Jenny Wilkinson PSM, NAB CEO Andrew Irvine, and AFR Editor-in-Chief Cosima Marriner.
• The Rest is Politics host Alastair Campbell as the 2026 ASIC Annual Dinner speaker

The Forum will also consider private markets and private credit, trust in professional services firms, the future of financial advice, operational resilience, industry codes, board leadership in a volatile environment, coordination between Australia’s financial regulators, and will announce ASIC’s enforcement priorities for 2027.

The ASIC Annual Forum 2026 will be held on 17 and 18 November at ICC Sydney.

View the full ASIC Annual Forum 2026 program and register.

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Sarah Court

ASIC has published its supervisory priorities for 2026-27 for the banking, superannuation, general insurance, life insurance and financial markets sectors to provide greater transparency of priorities and give industry early visibility on planned activities.

This initiative responds directly to industry feedback and helps regulated entities prepare and allocate resources appropriately. ASIC has engaged with APRA and other regulators in deciding the activities included in the letters. Where there was overlap, those activities were recast or removed to avoid duplication or will be undertaken collaboratively.

ASIC Chair Sarah Court said, ‘ASIC is actively working to increase transparency, reduce unnecessary duplication and make regulatory processes easier to navigate while maintaining the quality and integrity of regulatory outcomes.

‘We have a clear mandate from government to support growth and productivity and a responsibility to ensure our actions strengthen the economy and do not unnecessarily slow it.

‘The supervisory letters form part of a broader Council of Financial Regulators workstream, jointly led by ASIC and APRA, to improve how regulators coordinate, collect and share data and respond to the Treasurer’s request for a Better Regulation Roadmap for the financial sector.

‘The letters provide sector-specific visibility of ASIC’s supervisory priorities and areas of focus. This greater level of transparency will help regulated entities plan and allocate resources with confidence.

‘We encourage boards and executives to carefully consider the issues highlighted in the letters so they can plan, allocate resources and focus attention accordingly,’ Ms Court said.

ASIC supervisory priorities for 2026–27

• Banking sector: ASIC will review the use of AI in customer-facing activities and will review lender conduct practices, such as incentives, referrer arrangements, and broker oversight. There will be an ongoing focus on banks getting the basics right and improving outcomes for those in financial difficulty. See ASIC Supervisory letter – Banking
• Superannuation sector: ASIC will continue its multi-year review of superannuation member services and begin new reviews on trustee oversight of advice fee deductions and retirement. See ASIC Supervisory letter – Superannuation
• General insurance sector: ASIC will review the practices of for-profit claims management firms (including those commonly referred to as ‘disaster chasers’) and the potential implications of some firms’ practices for consumers. See ASIC Supervisory letter – General insurance
• Life insurance sector: ASIC will review life insurance practices related to funeral insurance and continue its review into service issues in life insurance. See ASIC Supervisory letter – Life insurance
• Markets sector: ASIC will promote market integrity and responsible innovation through surveillance and public-private initiatives, assisted by industry engagement and intelligence. We will also reduce friction, support capital mobility, facilitate growth and competitiveness in Australia’s capital markets, and strengthen resilient market infrastructure. ASIC will continue to focus on confidence and fair outcomes across both public and private markets. See ASIC Supervisory letter – Markets

Background

Council of Financial Regulators (CFR)

The supervisory letters deliver a key commitment to provide regulated entities with annual, forward-looking visibility of supervisory focus areas under Stream 2 of the Council of Financial Regulators’ (CFR) Better Regulation Roadmap.

The CFR is the coordinating body for Australia’s main financial regulatory agencies, including ASIC, the Australian Prudential Regulation Authority (APRA), the Reserve Bank of Australia (RBA) and the Treasury.

Following the Economic Reform Roundtable, in September 2025, the Treasurer tasked the CFR Plus regulators to develop a Better Regulation Roadmap for the financial sector. The roadmap comprises a series of coordinated activities that the CFR Plus regulators are undertaking to support the Government’s better regulation agenda.

Regulatory Initiatives Grid

The supervisory letters complement the Regulatory Initiatives Grid (RIG), which sets out the financial services regulatory landscape across Government and regulators. The RIG gives industry visibility of major regulatory and policy reforms that affect the financial services sector.

ASIC and APRA have committed to working with Treasury to enhance the RIG over time, including by providing greater visibility of regulator coordination and thematic supervisory activity.

More information

• CFR Better Regulation Roadmap
• CFR Better Regulation Roadmap – Stream 2 – Package of actions

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Simone Constant

ASIC is strengthening safeguards for automated and AI-enabled trading while streamlining regulatory requirements for securities and futures market participants under incoming changes to its Market Integrity Rules (MIRs).

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The review will consider the effectiveness of the BCCC’s role in independently monitoring banks’ compliance with the Banking Code of Practice, including its governance, functions and approach to oversight.

Mr Kell is widely regarded as one of Australia’s most experienced consumer protection and financial services regulators, including as a former Deputy Chair of the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission, and former Chief Executive of CHOICE.

BCCC Chair Sean Hughes said the independent review is an important part of ensuring the Committee continues to provide effective and credible oversight of banks’ compliance with the Banking Code of Practice.

“Independent oversight is essential to ensuring the commitments banks make through the Banking Code of Practice translate into real outcomes for customers,” Mr Hughes said.

“This review is an opportunity to take a close look at how the BCCC operates, what is working well and where its approach, powers or arrangements could be strengthened to support effective oversight of the Code.

“The Committee looks forward to contributing to the review and will engage openly and constructively throughout the process. We encourage banks, consumer representatives, regulators and other interested stakeholders to participate in the review and share their experience of the BCCC and its role in the self-regulatory framework.”

Mr Kell will concurrently conduct the Australian Banking Association’s independent review of the Banking Code of Practice.

The two reviews have distinct purposes and will be conducted under separate Terms of Reference. The BCCC sees value in the concurrent approach, particularly for stakeholders who may wish to contribute to both processes, while maintaining the independence and distinct focus of each review.

Further information about the BCCC review, including its Terms of Reference and opportunities to participate, will be available shortly.

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