Retail private market exposure and high-pressure sales tactics are among ASIC’s regulatory priorities for 2026 as well as greater enforcement activity around insider trading.
Highlighting its key issues for 2026, ASIC chair Joe Longo said pressure is intensifying on consumers, markets and businesses while AI is transforming financial services.
“[The key issues] help direct attention to where risks are most likely to emerge and underscore where ASIC is focused to safeguard trust, integrity and confidence in Australia’s financial system.”
Likely prompted by problems surrounding Shield and First Guardian, where the corporate regulator has 12 court cases underway, one priority surrounds consumers losing their retirement savings through high-risk products.
“Aggressive marketing, lead‑generation and ‘cookie‑cutter’ advice models have been driving switches of superannuation into complex, high‑risk investments that are often unsuitable for average consumers, for example through certain managed investment schemes.
“ASIC is working closely with government and consumer groups to address legal and regulatory gaps, and deliver education campaigns to empower Australians to better identify risks to their retirement savings.”
A second issue which will likely affect financial advisers is increased retail client exposure to private credit markets. This has already been highlighted by ASIC in its private market surveillance last year which questioned both the role of advisers and the role of research houses in the distribution of these products, which are typically more complex than traditional retail vehicles.
“Retail access to private credit and other private market products is expanding, with investment thresholds as low as $2,000, and investment platforms (including superannuation) enabling participation in inherently less transparent and in some case more complex products.
“This raises risks of mis‑selling, unsuitable product selection, and decision‑making without adequate disclosure. As ASIC identified in November (REP 821), private markets are opaque, and Australia has limited regulatory reporting outside superannuation, meaning constrained supervision and potential heightened risks for investors.”
Other priorities for the year ahead include operational failures by superannuation trustees which lead to member harm, consumer harm caused by AI agents, cyberattacks and data breaches undermining consumer confidence and poor quality financial reporting.
Finally, separate to the key priorities document, ASIC said it will continue to go heavy on insider trading activity. Last week, Rodney Forrest, who had conducted insider trading regarding shares in Platinum Asset Management, was sentenced to six years in jail.
This case was the first outcome for ASIC’s new criminal investigation taskforce formed late last year to boost resources and expertise for investigating insider trading cases and one of the first matters to be referred to the Federal Court under its expanded criminal jurisdiction.
Commenting, Longo said: “While some insider trading cases can take several years, Mr Forrest went from crime to jail time in just over a year, underscoring ASIC’s determination to fast-track criminal cases of this type.
“Insider trading is a zero-sum game. When somebody profits from inside information, everyone else loses, including every Australian with a superannuation or investment account.
“ASIC will continue cracking down on insider trading and other misconduct that damages market integrity.”
Since 2009, 46 people have been criminally convicted of insider trading following ASIC investigations, including senior executives and company chairs. The maximum penalty for the offence of insider trading is imprisonment for 15 years.
