The House of Representatives Standing Committee on Economics has released the final report for its reviews of the Australian Securities and Investments Commission (ASIC) annual reports of 2021, 2022 and 2023.
The Committee’s Chair, Dr Daniel Mulino MP, said that the report covered key issues examined by the Committee during the 47th Parliament.
Dr Mulino noted that ASIC had been subject to extensive parliamentary scrutiny over the past three years, including by other committees. 'Similar to our colleagues on the Parliamentary Joint Committee on Corporations and Financial Services, the House Economics Committee asked extensive questions about ASIC’s enforcement approach,' he said. 'Members also probed how ASIC measures and reports on its performance, and whether it is meeting the expectations of both government and the community in fulfilling its role.'
Dr Mulino said that although the Committee acknowledged the challenges ASIC faces in triaging thousands of complaints and tip-offs annually, the Committee expects ASIC to continue its efforts to better communicate with the many Australians who reach out for help.
He said the report also discusses ASIC actions under new intervention powers granted after the Hayne Royal Commission, including step-in powers to block poorly targeted financial products. 'The Committee was pleased to see early signs of success from ASIC’s use of the new powers, and we encourage ASIC to continue using these new tools judiciously to prevent and take action against wrongdoing,' Dr Mulino said.
Dr Mulino said the Committee had been particularly concerned by ASIC’s reports of widespread misleading practices in the insurance industry, and urged ASIC to remain vigilant on this issue. 'Alleged insurer misconduct was also a major theme in the Committee’s recent review of insurers’ responses to 2022 major flood claims,' he said, 'where we recommended significantly expanding ASIC’s data-collecting powers for the insurance industry. We were pleased to hear through these annual report reviews that ASIC supports those recommendations.'
The report also addresses ASIC’s recent work on other issues and industries, including corporate cyber security obligations, greenwashing and the ASX’s troubled CHESS settlement system upgrade.
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