ASIC chair stresses pro-active enforcement actions
The chair of the Australian Securities and Investments Commission (ASIC), Greg Medcraft, has stressed the pro-active nature of the regulator's enforcement efforts but has qualified it by stating it does the best it can with the resources provided.
Medcraft, speaking at the Stockbrokers Association of Australia conference in Melbourne on Friday, stated "we are the cops on the beat for financial services and market misconduct. We keep a close watch on industry through our reactive and proactive surveillance, and intelligence gathering."
He also stated that ASIC does "the best we can with our resources to catch those who break the law. For those who intentionally break it, we will do all that we can to ensure that the ramifications are severe."
Medcraft stated where the regulator found misconduct "to the best of our ability we detect misconduct by gathering intelligence...identify risks to our strategic priorities by analysing this intelligence, and respond to the misconduct and risks we've identified".
He said ASIC had a range of options to use to deal with misconduct including enforcement action, disrupting harmful behaviour, educating consumers and those we regulate, providing guidance, and providing policy advice to Government.
Medcraft stated that while ASIC continued to face challenges in regulating shifting markets in the context of globalisation its' staff worked at the regulator for good reasons.
"Our work makes a positive difference to the wellbeing of Australians. Our people are committed to achieving our strategic priorities of confident and informed investors and financial consumers, fair and efficient markets, and efficient registration and licensing."
Recommended for you
Insignia Financial has returned to profit in FY25, after a $185 million loss in the previous year, while its advice division grew their revenue per adviser by 14 per cent.
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
