Joe Longo

A new report from ASIC reveals the agency has culled more than 9,240 pages of regulation since the beginning of the year as it calls for further ideas for regulatory simplification.

The report, Regulatory Simplification, marks the first milestone in ASIC’s simplification work and seeks input on a range of initiatives aimed at making regulation clearer, more accessible and easier to navigate—while maintaining strong consumer protections.

ASIC Chair Joe Longo said the regulator had listened to feedback about its guidance, its website, and its legal instruments, and it was acting.

‘Regulatory complexity raises costs, stifles innovation and makes compliance harder.

‘Since we formed the ASIC Simplification Consultative Group late last year with key leaders across business, industry and consumer groups, we have been focused on simplifying how we regulate.

‘Simpler, clearer regulation is more enforceable but it also means more seamless interactions with ASIC, more understandable rules to protect consumers, and clearer compliance requirements.’

The report outlines ASIC’s initiatives in the following key areas:

• Improving access to regulatory information, including a redesigned ASIC website that cuts more than 9,000 pages of content, and regulatory roadmap pilots for small-company directors and providers of financial advice, designed to help these groups understand and navigate their regulatory obligations.
• Reducing complexity in regulatory instruments, with pilots to consolidate and simplify 23 legislative instruments by at least 65 pages, in addition to the 181 pages of guides that have already been cut.
• Making it easier to interact with ASIC, including transitioning more ‘paper-only’ documents to email lodgement and enabling electronic signatures on all forms by 1 October this year. These are practical next steps towards fully streamlined digital lodgement services in the future.

The paper also highlights areas of law reform which we heard from stakeholders would simplify regulation. ASIC is actively contributing to these law reform discussions and working closely with Treasury to explore broader opportunities for reform.

‘This is a multi-year program of work and we want to hear more about what we should consider for our next steps and initiatives,’ Mr Longo said.

‘We want to hear from those who engage with ASIC—what works, what doesn’t, and what would make the biggest difference.’

ASIC is seeking feedback on these initiatives and simplification more broadly by 15 October 2025. Submissions can be made anonymously or via email to simplificationconsultativegroup@asic.gov.au.

Download

Report 813 Regulatory simplification

Background

The ASIC Chair announced the agency’s focus on regulatory simplification in November 2024 in a speech at the ASIC Annual Forum: ASIC Annual Forum 2024: Bridging generations – regulating for all Australians.

The ASIC Simplification Consultative Group has included:

• Joe Longo (Co-Chair), ASIC Chair
• Nicola Wakefield-Evans (Co-Chair), Board Member of Guardians of Future Fund, Non-Executive Director Viva Energy Group, Clean Energy Finance Corporation, Chair of MetLife Australia, Member of Takeovers Panel, GO Foundation Board, UNSW Foundation
• Anna Bligh, CEO, Australian Banking Association
• Professor Ross Buckley, ARC Laureate Fellow & Scientia Professor, UNSW & Member RBA Payments System Board
• Stephanie Tonkin, CEO, Consumer Action Law Centre
• Bran Black, CEO, Business Council of Australia
• Andrew McKellar, CEO, Australia Chamber of Commerce and Industry
• Naomi Edwards, Chair, Australian Institute of Company Directors
• Pauline Vamos, Chair, Governance Institute of Australia
• Xavier O’Halloran, CEO and Founding Director, Super Consumers Australia
• Luke Achterstraat, CEO, Council of Small Business Organisations of Australia

Further details on the work of the group can be found at Regulatory simplification.

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Anna Bligh

Australian Banking Association (ABA) Chief Executive the Hon Anna Bligh AC has again called on federal and state governments to implement three key actions to help combat financial abuse of the elderly.

The call comes as advocates, policy makers, community groups and business organisations gather in Hobart as they work towards eradicating elder abuse. As many as 10 per cent of older Australians experience abuse, whether it be financial, legal, emotional, physical or neglect.

“What we are calling for today is for federal and state Attorneys-General to commit to a timeline to deliver reforms that will ensure older Australians are protected from financial abuse” said ABA CEO Anna Bligh.

The ABA and the Age Discrimination Commissioner, Dr Kay Patterson AO, urge Attorneys-General to implement the 2017 Australian Law Reform Commission (ALRC) recommendations from the inquiry into elder abuse:

1. agree to nationally consistent laws governing enduring powers of attorney (EPOA), including financial, medical, and personal
2. establish a national register of power of attorney instruments
3. designate a body to receive and investigate reports on suspected cases of abuse in each state and territory jurisdiction.

While some states have systems in place, there is no uniform approach to reporting suspected financial abuse and the abuse is not investigated or acted upon.

“Banks have put in place a number of initiatives to assist with the prevention of elder abuse including the development of an industry guideline preventing and responding to financial abuse (including elder financial abuse), training staff to recognise red flags on transactions and providing digital tools and systems to help customers manage accounts, such as ‘two to sign’ arrangements, pre-set digital and card limits and transaction notifications. “

The complexity created by the lack of harmonisation of laws between jurisdictions remains a significant barrier to real progress. The effect of it is confusion for older people and their attorneys, unnecessary complexity for banks and other entities required to act on the EPOA, and it creates a system that contributes to financial abuse.

“Our elderly Australians have worked hard over many years and deserve to live out their later years with dignity, respect and financial independence.”

Ms Bligh’s calls were echoed by Age Discrimination Commissioner Dr Kay Patterson.

“Elder abuse is everyone’s responsibility, and this conference provides an important platform for us to share knowledge, exchange best practices and cultivate ideas about how we can work together to ensure older Australians can live their later years free from psychological, financial and all other forms of abuse,” Dr Patterson said.

“The Australian Banking Association and I have worked closely together to put this issue on the agenda in recent years, particularly calling on the Attorneys-General across Australia to harmonise powers of attorney which will have the effect of reducing the likelihood of financial elder abuse.”

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