ASIC publishes enforcement report – Regulation & Government

Spread the love


ASIC publishes an enforcement report

12 December 2022

The Australian Securities and Investments Commission (ASIC) has today published its latest enforcement report summarizing key actions taken from July to September.

Chairman Joe Longo says ASIC is committed to using its full regulatory toolkit to “address consumer and investor harm and improve confidence and trust in Australia’s financial system”.

“Between July and September our enforcement and regulatory activity spanned the insurance, credit, retirement, financial advisory, managed investments, markets and audit sectors,” he said.

ASIC says it terminated its first Design and Delivery Obligations (DDO) in July.

“We have now issued 21 DDO interim stop orders to date, five of which were issued between July and September. We have initiated our first civil penalty proceedings for poor target-marketing practice,” Mr Longo said.

“The DDO regime represents a fundamental change in consumer protection in financial services, giving ASIC the ability to prevent consumer harm and move quickly when firms do not meet their obligations.”

Click on Here Read the report.



Source link

Leave a Comment