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Opening statement by ASIC Chair Joe Longo at the Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the Oversight of ASIC, the Takeovers Panel and the Corporations Legislation, public hearing on 6 March 2026.

AUSTRAC has published guidance on its new compulsory examination powers, setting clear expectations for businesses and individuals about when and how the powers will be applied.

The new section 172A powers were introduced in 2025 with the passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act).

Section 172A notices require a person to attend an examination, answer questions and provide documents.

AUSTRAC CEO Brendan Thomas said the guidance reflects the agency’s approach to exercising its powers carefully and responsibly.

“The guidance is designed to ensure the community understands the scope of the power and the approach AUSTRAC will take to its use,” Mr Thomas said.

“This power and the suite of reforms that went with it, give AUSTRAC better tools to understand money laundering risks and how businesses are managing those risks which can ultimately disrupt serious and organised crime.

“The guidance makes it clear that compulsory examinations are not routine or punitive.

“They are used where necessary to understand how businesses handling money laundering risks, clarify information or engage with a reporting entity.”

Australia’s AML/CTF reforms are aimed at making it harder for criminals to launder money through the legitimate economy. The Australian Institute of Criminology estimates serious and organised crime generates around $38 billion each year, all of which must be laundered to be useful.

The Anti‑Money Laundering and Counter‑Terrorism Financing Amendment Act 2024 strengthens AUSTRAC’s ability to detect and disrupt this activity by expanding its information‑gathering powers.

The new guidance explains what information is included in a section 172A notice, what happens during an examination, the role of the examiner, how legal representatives may assist, and how information provided is handled.

In designing our approach we’ve considered witness welfare.

In particular, we’ve made it clear witnesses are entitled to legal representation, and they may speak about the notice with a health professional.

Importantly, receiving a section 172A notice does not necessarily mean AUSTRAC believes a person has broken the law.

“In many cases, an examination is simply a way to understand what has happened.”

“The focus is on gathering accurate information so we can make informed regulatory decisions, identify where risk may lay across the financial landscape and target criminal misuse of the system, not on making assumptions about wrongdoing.

“By being clear about how we use these powers, we support legitimate businesses and individuals while strengthening our ability to stop criminal money flowing through the economy.”

The guidance is available on the AUSTRAC website.

What the guidance is about

The guidance outlines:

• what is in a s172A notice
• what to expect in an examination
• the role of the examiner
• who you can disclose information to about the notice
• what your legal representative can do
• how we use information provided during the examination.

More information about s172A notices

To learn more, visit Section 172A examination powers.

The Federal Court has found that two former senior executives of The Star Entertainment Group Ltd (Star) breached their duties in relation to their handling of the risks associated with money laundering and criminal activity at one of Australia’s major casinos.

The Court found that Star’s former Chief Executive Officer and Managing Director, Matthias Bekier, and former Chief Legal & Risk Officer, Paula Martin, contravened the law by breaching their duties owed to Star under section 180 of the Corporations Act 2001.

The Court dismissed ASIC’s case against the seven former non-executive directors after finding they did not breach their duties.

Today’s judgment comes 12 months after Star’s former Chief Financial Officer, Harry Theodore, and its former Chief Casino Officer, Gregory Hawkins, admitted breaches of their duties as officers of Star before the trial.

At that time, the Court imposed financial penalties against Mr Theodore and Mr Hawkins and disqualified them from managing a public company for 18 months and nine months respectively (25-018MR).

In relation to today’s judgment, Mr Bekier was found to have breached his duties arising from his:

• failure to properly deal with a KPMG report that identified deficiencies in Star’s processes for managing AML/CTF risk
• failure to properly manage the risks arising from the gambling junket Suncity’s operations in Salon 95, an exclusive gaming room provided to Suncity by Star; even after becoming aware of media allegations concerning Crown and Suncity, and
• failure to properly manage and escalate to the board issues concerning the impermissible use of China Union Pay (CUP) cards by Star’s casino customers.

Mr Bekier was found not to have breached his duties arising from his approval of expanding Star’s credit exposure to two of its gambling junket customers, including Suncity, and the management of Star’s business association with Mr Sixin Qin.

Ms Martin was found to have breached her duties in relation to each of the three pleaded contraventions arising from her:

• role in failing to properly inform and advise the Board about the risks arising from Star’s dealings with Suncity, and
• involvement in misleading Star’s banker National Australia Bank in relation to the use of CUP cards by Star customers, and in failing to inform the board of these issues.

The matter will be listed for a further hearing and ASIC will ask the Court to impose a financial penalty on Mr Bekier and Ms Martin and to disqualify them from managing corporations for a period of time.

The Life Insurance Code Compliance Committee (Life CCC) has sanctioned a life insurer for collecting customers’ medical information without obtaining valid medical authority.

Between March 2020 and March 2024, the insurer requested and collected medical information during underwriting without first obtaining consent using the prescribed authority wording.

In total, 2,171 applications were affected, impacting more than 2,000 customers. Chair of the Life CCC, Jan McClelland AM, emphasised the seriousness of the breach.

Tens of thousands of Budget Direct customers lost online insurance discounts they were promised and were overcharged for premiums as part of misconduct that went on for years, ASIC alleges.

In Federal Court proceedings launched against Auto & General Services Pty Ltd, the insurer that arranges Budget Direct insurance products, ASIC alleges that:

• between March 2020 and July 2024, Auto & General advertised significant discounts of up to 30% for Budget Direct customers who purchased car, home or motorbike insurance policies online with the advertisements being viewed by millions of consumers; and
• approximately 39,000 customers lost their online discount after making amendments to their policy during the first year. The average premium discount loss amounted to nearly $100 and across the cohort was worth $3.3 million.

It is ASIC’s case that the advertising was misleading because customers were not told the discounts would be removed following any changes such as a change in address, either at the time they signed up, or at the time that they made the change.

ASIC alleges Auto & General first became aware of the issue as early as 2016 but failed to fix it or inform affected customers for years. ASIC alleges that senior staff were aware of the problem but did not immediately fix it.

ASIC has cancelled the Australian financial services licence (AFS licence) of Private Wealth Pty Ltd (Private Wealth) following two payments by the Compensation Scheme of Last Resort (CSLR).

On 30 June 2025, the Australian Financial Complaints Authority (AFCA) made a determination against Private Wealth, which Private Wealth failed to pay. Subsequently, on 3 December 2025, the CSLR made a payment of $60,317.40 for the AFCA determination and notified ASIC.

On 31 July 2025, AFCA made a determination against Private Wealth, which Private Wealth failed to pay. Subsequently, on 3 December 2025, the CSLR made a payment of $54,963.84 for the AFCA determination and notified ASIC.

As a result, on 12 February 2026, ASIC cancelled Private Wealth’s Australian financial services licence.

ASIC must cancel the AFS licence of a licensee where that licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation.

The cancellation is not subject to discretion or merits review. In making the cancellation order, ASIC has specified that Private Wealth is to maintain its membership with AFCA for a further 12 months, to 5 February 2027. This means that complaints about Private Wealth can be lodged with AFCA until 5 February 2027.

New ASIC data released today shows an increase in reports of misconduct (ROMs), driven largely by corporate governance concerns, including failures to provide company records, insolvency matters and shareholder issues.

Between 1 July and 31 December 2025, ASIC received 9,686 ROMs, raising 13,036 issues. Corporate governance matters accounted for 40% of these issues, with financial services and retail investor issues totalling 44%.

ASIC Deputy Chair Sarah Court said, ‘The figures point to an increase in concerns being raised about corporate governance issues.

ASIC has secured the highest six-monthly civil penalty total in its history and hundreds of millions of dollars in payments which will flow to Australians in connection with ASIC’s work.

New figures reveal ASIC secured a record $349.8 million in court-ordered civil penalties in the second half of 2025 following successful cases against some of Australia’s largest companies and super trustees including ANZ, NAB, Cbus, RAMS and Australian Unity Funds Management.

ASIC’s work will also see a total of $583 million returned to millions of Australians through refunds from excessive bank fees after its Better and Beyond review and in payments in connection with investigations into the Shield Master Fund and First Guardian Master Fund.

‘ASIC has secured record penalties in response to serious misconduct, and is protecting Australians and safeguarding trust and confidence in Australia’s financial system,’ ASIC Chair Joe Longo said.

‘Today, ASIC is one of the most active law enforcement agencies in the country. We are taking more cases to court, achieving record penalties, and protecting consumers.’

ASIC’s criminal enforcement work has also helped hold those who broke Australia’s financial services laws to account.

While the matter is subject to appeal, the Supreme Court of Western Australia sentenced West Australian fraudster Chris Marco to a 14-year term of imprisonment.

Commissioner Alan Kirkland delivered a keynote address at the Professional Planner Advice Policy Summit on 23 February 2026.

Here are the highlights of Alan’s address:

• Addressing the conduct that led to the collapse of the Shield and First Guardian Master Funds is one of ASIC’s biggest priorities.
• ASIC’s enforcement work on these matters complements our ongoing program of surveillance. Last week, ASIC commenced a review of advice licensees that use lead generation services. We are also reviewing super trustee practices to understand the steps they have taken to detect and disrupt high-risk super-switching.
• As work on reforms to make the system safer for consumers continues, ASIC is stepping up assistance for people looking for help today – including by revitalising and rebuilding our Moneysmart resources.

Find out more in the full speech.

The Best Practice Principles help superannuation trustees design and deliver effective retirement income solutions for their members. The principles are voluntary and were shaped through broad industry consultation.

They set out clear, member‑focused practices while allowing trustees to tailor their approach to the needs of their own membership.

What the principles do

The principles support trustees to:

• Understand their members and their retirement income needs.
• Build products and settings that support effective retirement income solutions.
• Combine products and settings to create solutions for different groups of members.
• Engage members so they can make informed decisions in retirement.
• Review and improve their retirement income solutions over time.

Why they matter

The principles outline trustee practices that aim to improve member outcomes, support innovation and strengthen Australia’s retirement income system.

On 5 February 2026, the Australian Government tabled its formal response to the Senate Committee Economics inquiry on the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024.

The Government rejects calls for further detailed consultation on delegated legislation, emphasising that extensive engagement occurred between 2022 and 2025 with BNPL providers, consumer groups, regulators and other stakeholders. This included consultation on an options paper, draft legislation and regulations, consideration of the Committee’s August 2024 report, targeted follow-up discussions, and updated draft regulations prior to finalisation.

The resulting National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 commenced in June 2025 alongside the Act’s main provisions, bringing BNPL products into a regulated credit framework with modified responsible lending obligations and fee caps. While the document also addresses recommendations concerning deductible gift recipient status and the instant asset write-off, its central focus is the Government’s defence of the BNPL reforms and the thorough consultation underpinning their implementation.

The ACCC will renew its focus on manipulative and false practices in digital markets and the sale of dangerous goods online in the year ahead, and will also focus its compliance and enforcement efforts on addressing anti-competitive conduct in key sectors across the Australian economy.

Announcing the ACCC’s compliance and enforcement priorities at a CEDA event in Sydney today, Chair Gina Cass-Gottlieb said the agency’s priorities reflected persistent concerns raised by consumers and business about the cost of goods and services, conduct undermining trust in the digital economy, and restrictions imposed by businesses that limit other businesses’ ability to compete.

“Our priorities are grounded in the understanding that competition and consumer trust are vital to a productive, resilient economy,” Ms Cass-Gottlieb said.

“They recognise the pressures facing households and businesses, the pace of change in markets, and the need for regulatory responses that are evidence-based, proportionate to harm and effective.”

Ms Cass-Gottlieb said the ACCC remained committed to its enduring priorities, which include conduct that strikes at the competitive process itself — cartel and other collusive behaviour, exclusionary conduct, anti-competitive agreements and the misuse of market power.

“Competition drives productivity by incentivising investment, innovation and efficiency. And competition law, and its rigorous enforcement, are important contributors to productivity growth,” Ms Cass-Gottlieb said.

“But competition alone is not enough. Markets only deliver when people trust them.”

“Consumers must trust that prices reflect genuine competition, that information is accurate, that products are safe and that basic rights will be honoured.”

Ensuring clear and accurate pricing information in supermarkets, retail and essential services

Ms Cass-Gottlieb said the ACCC would continue to prioritise consumer and competition issues in the supermarket and retail sector given the central role this sector plays in household budgets and the economy, particularly in a period of sustained cost-of-living pressures.

“Accurate pricing information is fundamental to effective competition. When discount claims mislead, consumers cannot make informed choices and businesses that follow the rules may be disadvantaged.”

In 2026-27, the ACCC will also continue to address misleading pricing and claims in relation to essential services with a focus on energy and telecommunications, as well as promoting competition in these sectors.

“Essential services, including telecommunications, electricity and gas, involve complex pricing structures that make it difficult for consumers and small businesses to compare offers and exercise choice. When information is unclear, consumers and small businesses have limited ability to avoid harm,” Ms Cass-Gottlieb said.

Targeting manipulative online practices that undermine consumer trust

In 2026-27, the ACCC will prioritise manipulative and false practices, and unsafe consumer goods, in digital markets.

“This priority recognises the emergence of practices including subscription traps and other dark patterns that manipulate consumer behaviour and unfairly impact consumer choice,” Ms Cass-Gottlieb said.

“It also recognises the rise in unsafe consumer goods available right across our economy facilitated by the increasing scale and reach of digital markets.”

Consumer guarantees with a focus on motor vehicles

Challenges for consumers being able to access their consumer guarantee rights remains one of the most common issues raised with the ACCC. For this reason, the ACCC will continue to prioritise improving business compliance with meeting their consumer guarantee obligations and this year will pay particular attention to consumer guarantee issues relating to motor vehicles.

“Purchasing a motor vehicle is one of the most significant purchases that many consumers will make, and when an issue arises with their vehicle that is covered by consumer guarantees then businesses must meet their obligation to fulfil this basic consumer right.”

“Our renewed focus in this space includes exploring different approaches to achieve compliance, including working collaboratively with industry to deliver changes for the benefit of consumers,” Ms Cass-Gottlieb said.

Improving business compliance under new government reforms

Over the past year, the Government has announced significant reforms in relation to key competition and consumer issues, including the new merger regime, unfair trading practices, consumer guarantees, excessive pricing and scam prevention.

In light of these reforms, the ACCC will significantly step up its education and compliance initiatives in these areas to ensure that as the reforms are introduced, they are effectively implemented.

“We welcome the suite of reforms that have been announced and will proactively engage with businesses to promote compliance and ensure they understand their obligations as these reforms come into effect.”

“The ACCC uses a range of compliance and enforcement tools to encourage compliance with the laws that we enforce. While improving business compliance will remain our priority, if we observe non-compliance then we would consider the most appropriate enforcement tool to address any misconduct,” Ms Cass-Gottlieb said.

The ACCC will continue to work closely with Treasury to progress consideration of digital competition reforms.

More information including the full list of the ACCC’s 2026-27 enforcement priorities is available at Compliance and enforcement policy and priorities.

A summary is also available at 2026-27 Compliance and Enforcement Priorities.

A transcript of the speech is available online.

Corporations Amendment (Digital Assets Framework) Bill 2025

Amends the Corporations Act 2001 and Australian Securities and Investments Commission Act 2001 to update Australia’s digital asset regulatory regime by: defining the core concepts of digital tokens, digital asset platforms and tokenised custody platforms; applying the financial services law in a way that is tailored to these platforms; providing targeted exemptions for certain digital token arrangements; and providing the Australian Securities and Investments Commission and the Minister with powers to regulate these platforms.

ASIC has commenced a new review of advice licensees using lead generation services as part of its ongoing program of work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation.

Lead generation is a marketing activity designed to create consumer interest in a product or service, with the goal of persuading consumers to purchase the product or service. These services use a range of marketing techniques to introduce consumers to financial services businesses – including some businesses that encourage consumers to switch their super.

ASIC is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses.

To help mitigate risks to consumers, ASIC has commenced a review to identify financial advice businesses that use lead generation services, to understand the nature of these arrangements and where appropriate, take disruptive or enforcement action.

As part of the review, ASIC is publishing a list of known entities involved in lead generation, those acting as referral partners, and advice licensees or corporate authorised representatives that have acquired leads, since 1 July 2024.

To improve transparency for consumers, ASIC will continue to update this list of businesses, websites, authorised representatives, financial advisers and financial services licensees involved in lead generation, acting as referral partners or engaging the services of lead generators throughout the course of this review.

The naming of the entities in this list should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.

Treasury are consulting on a proposed system to label sustainable financial products. Your feedback will help shape the design.

This paper outlines the key parts of a sustainable financial product labelling system. It will be developed with input from industry and investors.

The paper covers:

• the scope of the system
• consumer-facing disclosures
• thresholds for labelling
• evidence requirements.

Treasury invite feedback on:

• proposed policy details for the labelling system
• questions in the consultation paper.

The Albanese Government has appointed Professor Bruce Preston as a part‑time member of the Reserve Bank of Australia Monetary Policy Board.

Professor Preston is one of Australia’s most highly respected and experienced macroeconomists and he will do an excellent job on the Monetary Policy Board.

The RBA is a vital economic institution and we are making sure it has the right mix of skills and expertise to meet Australia’s economic challenges.

Professor Preston is currently a Professor of Economics at the University of New South Wales, and his research focus includes macroeconomic theory and policy. He previously served as a senior advisor at the Reserve Bank of Australia and at the Treasury.

His five‑year term will commence on 1 March 2026.

The Government is ensuring Australia’s key economic and financial institutions are strong and well‑led in an era of global economic uncertainty.

This appointment follows a thorough and considered selection process, including consultation with the Opposition.

The appointment was made on the advice of a Panel comprising the Treasury Secretary, the Reserve Bank Governor and former Secretary to the Treasury and Department of the Prime Minister and Cabinet, Martin Parkinson AC PSM.

The Panel compiled a shortlist of candidates drawing on the open and transparent expression of interest process that was run for the Government’s appointments in 2024, and applied a skills matrix to ensure the right mix of skills and experience on the Board.

The Government thanks outgoing member, Mrs Alison Watkins AM, for her commitment and contributions to the Monetary Policy Board and previously the Reserve Bank Board.

ASIC has cancelled the Australian financial services (AFS) licence of securities dealer Pulse Markets Pty Ltd (Pulse Markets), effective from 11 February 2026.

The licence was cancelled after ASIC found Pulse Markets had serious and sustained breaches of its duties under s912A of the Corporations Act 2001. These included Pulse’s failure to adequately supervise its corporate authorised representatives (CARs) providing financial services under its AFS licence, increasing the risk they will not comply with financial services laws and put clients at risk of financial loss.

ASIC found that Pulse Markets failed to comply with its obligations, including failure to:

• maintain the competence required to provide the financial services it offered

• take reasonable steps to ensure that its representatives comply with the financial services laws by failing to:

• • undertake appropriate due diligence prior to the appointment of its CARs
  • take adequate steps to monitor the websites and marketing of its CARs
  • maintain adequate compliance, breach and incident registers, and
  • maintain compliance manuals with accurate information about AFS licence authorisations

• ensure adequate resources, including staffing, to provide the financial services covered by the licence and to carry out supervisory arrangements

• prepare and lodge financial statements (being a balance sheet and a profit and loss statement) for financial years 2024 and 2025

• obtain an opinion by a registered company auditor regarding Pulse Market’s compliance with the financial conditions on their licence for financial years 2024 and 2025
• pay its Industry Funding Levy for the 2023-2024 financial year.

Additional Budget Estimates, Opening Statement by ASIC Acting Chair Sarah Court, Senate Economics Legislation Committee, 11 February 2026