Observing ASIC’s regulatory outcomes since the Global Financial Crisis it is clear that there are regulatory and enforcement tools missing from ASIC’s regulatory tool box.
Limitations in ASIC’s regulatory suite were first highlighted by the CBA and Macquarie Bank Enforceable Undertakings (EU). More recently we have seen issues in the regulation of data collection in life insurance, supervision of platform and financial advice remediation programs, and phoenix(ing) licensees.
ASIC needs the ability to compel licensees to undertake particular activity for consumer protection, risk management and compliance purposes and to be able to do this quickly and efficiently.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.