Joe Longo calls for action on financial advertising in final ASIC push
The outgoing ASIC chair warns that technology and relentless financial advertising are leaving Australians overwhelmed and making poor investment choices.
In his final push as chair of the Australian Securities and Investments Commission (ASIC), Joe Longo has called for action on financial advertising to protect Australians from “ruinous” investments, as the regulator outlines its top priorities for the year.
“We need to have a debate about whether there needs to be restrictions on financial product advertising, because a lot of people are responding to that in ways that aren't in their interest,” Longo told Capital Brief.
“With the proliferation of technology and product advertising, I think a lot of people are overwhelmed.”
While ASIC does not set advertising rules, Longo’s comments highlight the regulator’s growing concern about several key risks that sit just outside its direct control. With just four months left in the role, he has become increasingly vocal about those risks.
