Highlights from the ASIC Annual Forum 2022

Topics: RG 105 | RG 146 | Risk and Compliance

It was a busy day for us, as we joined the throngs that descended on Day 1 of the ASIC Annual Forum in Sydney on 3 November 2022.

Here’s our guide to uncovering the main stories.

ASIC Annual Forum 2022: Chair’s keynote

ASIC Chair Joe Longo opened proceedings with an insightful speech that covered the following issues:

• Complying with complex obligations in a constantly changing environment
• Implementing global standards that work domestically
• The impacts of climate change and sustainability policy on financial services
• Challenges and opportunities presented by digitisation and innovation, including crypto, blockchain, and cyber resilience
• Consumer protection in volatile times, including distribution of crypto-based products and harmful lending practices.

ASIC Annual Forum 2022: News items

ASIC has released a range of articles covering highlights from plenary sessions conducted on Day 1 of the Forum. Which of these might keep you up at night?

• Climate change: the new frontier for corporate governance
• Where to with crypto?
• Your super: Members matter most.

ASIC announces Enforcement Priorities for 2023

Coinciding with a related address by ASIC Deputy Chair Sarah Court at the ASIC Annual Forum, the corporate regulator has announced its Enforcement Priorities for 2023.

These include:

• Protecting Australians from investment scams and high-risk investment products, including crypto assets and the use of ‘finfluencers’
• Protecting consumers from predatory lending practices, when current economic conditions suggest further demand for credit cards, personal loans and short-term credit arrangements is likely to increase
• Addressing failures in the General Insurance industry to honour promises to consumers, and unfair contract terms in insurance products
• Taking action on misleading conduct and poor governance in Superannuation
• Monitoring sustainable finance for misleading conduct and claims of greenwashing that cannot be sustained.

‘Priorities communicate our intent to industry and our stakeholders, and give a clear indication of where we will direct our resources and expertise,’ Ms Court said.

The publication marks the first time ASIC has identified particular areas of enforcement focus, and it now expects to do so on an annual basis.

For the complete list of what ASIC, AUSTRAC, Treasury and APRA have been up to lately, head to our website.