ASIC flags Design and Distribution and technology risks as key priorities

The Australian Securities and Investments Commission (ASIC) has unveiled its Corporate Plan, outlining its strategic priorities for the next four years and plan of action for the year ahead.

ASIC Chair Joe Longo said, “The plan identifies work we have underway to address a number of emerging trends and
important law reforms that are reshaping the financial system, including digitally enabled misconduct, emerging technologies, climate risks and an ageing population”.

ASIC’s Corporate Plan sets out four strategic priorities:

•  Product design and distribution: Reduce the risk of harm to consumers of financial and credit products, caused by poor product design, distribution and marketing, especially by driving compliance with new requirements.
• Sustainable finance: Support market integrity through proactive supervision and enforcement of governance,
  transparency and disclosure standards in relation to sustainable finance.
• Retirement decision-making: Protect consumers, especially as they plan and make decisions for retirement, with a focus on superannuation products, managed investments and financial advice.
• Technology risks: Focus on the impacts of technology in financial markets and services, drive good cyber-risk and operational resilience practices, and act to address digitally enabled misconduct, including scams.

To support these priorities, ASIC will undertake core strategic projects, focused on sustainable finance practices, crypto-assets, scams, cyber and operational resilience, breach reporting, design and distribution obligations and, subject to the passage of legislation, the Financial Accountability Regime (FAR).

The plan also highlights key aspects of ASIC’s internal change program in line with four internal strategic priorities. This
includes ASIC’s investment in technology to be a leading digitally enabled and data-informed regulator. The plan details
ASIC’s regulatory efficiency initiatives to make changes to the way they administer the law and enhance engagement and
interactions with stakeholders.