Australia’s financial system can be the envy of the world, if we all lean in to promote fairness

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“One of the great shames was that collectively, the Australian financial system didn’t look very hard at the lessons to be learned from the Global Financial Crisis and focus on preventing some of the negative impacts here – there was a lack of proactive leadership, and we must address these now.” These are the words […]

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ASIC update on Royal Commission implementation

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ASIC has provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The Update outlines a number of measures across the organisation by which ASIC is implementing the seven priorities highlighted in its Corporate Plan 2019-23, one of which is […]

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ASIC Chair issues ‘fairness challenge’ at Annual Forum

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The 24th ASIC Annual Forum in Sydney on 16-17 May 2019 saw more than 950 delegates attend 13 sessions on how financial market participants can meet community expectations when dealing with other people’s money. In his introductory comments, ASIC Chair James Shipton said the theme of this year’s forum, ‘Other people’s money’, was to remind […]

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ASIC welcomes approval of new laws to protect financial service consumers

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ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC The design and distribution obligations will bring accountability for issuers and distributors to design, […]

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Statement from ASIC Chair James Shipton on the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

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ASIC has welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and acknowledged its important work. ASIC will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government’s response, will inform ASIC’s priorities and strategic direction moving forward. The Royal […]

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ASIC’s review of direct life insurance finds high cancellation rates and poor claims outcomes

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ASIC’s review of direct life insurance sales has found that sales practices and product design are leading to poor consumer outcomes. ASIC’s Report 587 released today reveals that: Consumers are cancelling their policies in very high numbers: one in five of all policies taken out were cancelled in the cooling off period one in four of all […]

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FSC welcomes new ASIC Chairman

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The Financial Services Council (FSC) welcomes Mr James Shipton as the full-time Chairman to the Australian Securities and Investments Commission (ASIC). The FSC recognises the important work ASIC carries out to promote consumer confidence in Australia’s financial system, and believes Mr Shipton is well-placed to lead the regulator through the next phase of that journey. FSC […]

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