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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Mr Musulin is an actuary with more than 40 years’ experience specialising in natural perils, catastrophe risk modelling, public policy development and sustainability, and has assisted industry and government with improving their resilience and understanding of climate change. He is the lead spokesperson for the Australian Actuaries Climate Index^[1] and was the lead author of the Actuaries Institute research paper ‘Property Insurance Affordability: Challenges and Potential Solutions’^[2].

He was the inaugural convener of the Institute’s Climate Change Working Group and has authored several Institute publications, including ‘Home insurance affordability and socio-economic equity in a changing climate’ (2022)^[3], ‘Home insurance affordability update’ (2023)[^[4], ‘Climate Risk Disclosure – financial institutions feel the heat’ (2017)^[5] and ‘Can actuaries really afford to ignore climate change?’ (2014)^[6]. Mr Paddam was also a contributing author to the IPCC AR6 Working Group II Report, has advised the Insurance Council of Australia on evaluating adaptation and resilience measures (2022)^[7] and presented a TEDx talk on climate change and banks and insurers (2022)^[8].

Actuaries Institute President Naomi Edwards said the Institute has long recognised climate change as an important public policy issue, and both Mr Musulin and Mr Paddam have been at the forefront of helping solve the challenge.

“Both Rade and Sharanjit’s contributions have spanned policy development, resilient community building, and disaster recovery funding and have benefited developed and developing nations. They have exemplified how actuaries can use data for good to lead, innovate, and influence change on a global scale and shown the professional commitment actuaries bring to helping solve complex issues.”

The Actuary of the Year award has previously been given to an individual actuary, but the nominations committee agreed that both individuals have been highly influential in the climate change and sustainability space.

Both Principals at Finity Consulting, Mr Musulin and Mr Paddam have volunteered with the Institute for many years and contributed to numerous submissions to government, regulatory bodies, and independent inquiries on climate-related matters. Mr Paddam and Mr Musulin have both received the Institute’s Distinguished Service Award in 2020 and 2022, respectively.

Mr Musulin said: “No individual profession is going to solve the climate challenge alone, but what actuaries add is an understanding of uncertainty and risk. We are trained in thinking about complex systems, and our unique skillset means we have a responsibility to help people understand how these challenges are going to impact their lives.”

Mr Paddam said: “Climate change is a here and now problem, but it is going to manifest over time and affect people in different ways. As actuaries, we look at different groups of people and how they weather those stresses. Our job is to provide long-term thinking to make practical decisions that will build a more sustainable and resilient future for all.”

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Notes
[1] https://www.actuaries.asn.au/public-policy-and-media/our-thought-leadership/climate-and-sustainability-thought-leadership
[2] https://actuaries.asn.au/Library/Opinion/2020/GIRESEARCHPAPER.pdf
[3] https://www.actuaries.asn.au/public-policy-and-media/thought-leadership/green-papers/home-insurance-affordability-and-socioeconomic-equity-in-a-changing-climate
[4] https://www.actuaries.asn.au/public-policy-and-media/thought-leadership/green-papers/home-insurance-affordability-update-and-funding-costs-for-floods/
[5] https://www.actuaries.asn.au/public-policy-and-media/thought-leadership/the-dialogue/climate-risk-disclosure-financial-institutions-feel-the-heat
[6] https://www.actuaries.asn.au/Library/Events/GIS/2014/GIS2014EganEtAlClimateChangePres.pdf
[7] https://insurancecouncil.com.au/wp-content/uploads/2022/02/R_ICA_Resilience_Final_220218.pdf
[8] https://www.youtube.com/watch?v=qXHGifdYlQA

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Ms Edwards’ leadership in the life insurance and superannuation sectors spans a 35-year career in Australia, the United Kingdom and New Zealand. As Chair of Spirit Super until November 2022 Ms Edwards led significant transformation and merger activity during a period of substantial regulatory and industry change, overseeing the fund’s transformation from $1.5 billion funds under management 12 years ago to $25 billion today.

Ms Edwards has worked extensively in the ethical investments sector and was a Director of Australian Ethical Super and Chair of Australian Ethical Investment. An actuary by training, Ms Edwards was a partner of Deloitte, advising banks and life insurers on M&A, and she is the 2023 President of the Australian Actuaries’ Institute.

TAL Chair Mark Joiner said: “Naomi is a highly respected leader of the superannuation and life insurance sectors focused on delivering results for all stakeholders. On behalf of the board, I extend a warm welcome to Naomi and look forward to working with her as TAL executes the next phase of its corporate strategy.”

Ms Edwards said: “I have followed TAL’s journey and admired its culture and corporate values and am delighted to be joining the Board. I look forward to working with the Board and the executive team led by CEO Brett Clark.”

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This follows the recent appointment of current Non-Executive Director, John Gee as Independent Chair of the Nikko AM Australia Boards. John was appointed as Independent Director in March 2011.

Naomi’s appointment reflects Nikko AM’s continued focus on enhancing and strengthening governance across the firm globally. An actuary by training, Naomi has extensive executive experience in the financial services industry, including being a former partner of Deloitte and Director of Trowbridge Consulting, and currently serves as Independent Chair of Tasplan Super. Naomi has a strong reputation in responsible investing, having sat on the boards of two ASX listed fund managers – Australian Ethical Investments and Hunter Hall Limited. Naomi is also a member of the Tasmanian Economic Development Board and a NonExecutive Director of the Australian Institute of Superannuation Trustees.

Naomi holds a first class honours degree in mathematics from the University of Canterbury and is a Fellow of the Institute of Actuaries (London) as well as a Fellow of the Australian and New Zealand Institutes of Actuaries.

Sam Hallinan, Managing Director, Nikko Asset Management Australia said,“Harnessing the experience and insight from a Non-Executive Director like Naomi will contribute to Nikko AM in Australia growing, evolving and improving. Her views as an “asset owner” Chair, as well as previous experience with ESG in funds management, are highly valued.”

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