ASIC flags deeper scrutiny of super industry, financial products
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The news: Financial services providers mistreating small businesses face greater scrutiny from the Australian Securities and Investments Commission (ASIC) after the watchdog outlined its focus areas for 2024. The regulator named conduct impacting small business among its new areas of focus, as well as more scrutiny for super funds, insurers and gatekeepers such as auditors.
The context: ASIC deputy chair Sarah Court outlined 12 enforcement priorities for 2024 while speaking at the ASIC Annual Forum in Melbourne on Tuesday.
Two of the new priorities concerned small business. ASIC will focus on financial services providers and credit providers that engage in unlawful credit activity and contract terms with small business, as well as company failures that directly impact these smaller traders.
Super funds' member services and misconduct relating to superannuation balances are also among the new areas of focus.
What they said: "We inevitably take more civil actions against what might be called 'the big end of town'. We make no apology for this. Misconduct by large firms inevitably causes the widest consumer and investor detriment," said Court.
The sources: ASIC media release, Sarah Court speech
