In the 2020–21 financial year, Australia’s financial system faced almost unprecedented challenges as a result of the ongoing COVID-19 pandemic. During this difficult period, ÷ÈÓ°Ö±²¥ remained focused on its vision of a fair, strong and efficient financial system for all Australians.
ASIC Chair Joe Longo said, ‘÷ÈÓ°Ö±²¥ continues to work to support the economy as it recovers from an extended period of instability caused by the global pandemic.
‘Across the financial year, ÷ÈÓ°Ö±²¥ made targeted interventions and implemented a number of relief measures to assist Australia’s corporate sector, while also making great strides towards implementing the Financial Services Royal Commission reforms.
‘In addition to this important work, in 2020–21 ÷ÈÓ°Ö±²¥ finalised many of the enforcement matters arising from the Royal Commission and increased its enforcement action generally.’
Released today, ÷ÈÓ°Ö±²¥â€™s 2020–21 Annual Report outlines the key measures ÷ÈÓ°Ö±²¥ took to achieve its goals in that time.
Importantly for both consumers and businesses, ÷ÈÓ°Ö±²¥ developed guidance on significant Royal Commission reforms, including new design and distribution obligations, breach reporting obligations and the deferred sales model for add-on insurance, which have come into effect recently.
ASIC also continued to build ÷ÈÓ°Ö±²¥â€™s enforcement capability, securing $189 million in civil penalties and increasing new criminal litigation by 28%.
Internally, ÷ÈÓ°Ö±²¥ implemented a number of the recommendations of the Thom Review, designed to deliver long-term improvement to ÷ÈÓ°Ö±²¥â€™s risk and compliance practices and capabilities. ÷ÈÓ°Ö±²¥â€™s internal governance has been strengthened through an enhanced risk management framework and changes to operational strategy and management.
‘÷ÈÓ°Ö±²¥ remains fully committed to working with its regulated population and fellow regulators to support the Australian economy and protect vulnerable consumers,’ Chair Longo concluded.Â