ASIC taking further enforcement action to combat scams

Beef Central, 29/08/2023
ASIC says it will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent.

ASIC Chair Joe Longo, who released the regulator’s latest Corporate Plan this week, said that despite progress to strengthen enforcement outcomes in 2022-23, there is “still work to do”.

“We are responding to key trends and emerging issues in the regulatory landscape, where there are major shifts across sustainable finance, the digital and data economy, and an ageing population,” he said.

“We are also closely monitoring the development and use of artificial intelligence and what this means for the businesses and markets we regulate and exploring potential uses of this and other technologies within ASIC.”

“ASIC’s new structure – which came into effect in July this year – strengthens our capacity to respond to emerging threats and challenges. A key priority for me is to ensure the structure better supports the prioritisation of enforcement and regulatory issues, quicker decision making, and operational flexibility.”

ASIC is a law enforcement agency

ASIC demonstrated strong enforcement outcomes throughout 2022-23, continuing to deliver as an active and effective regulator. Over the three years to 30 June 2023, we commenced over 125 criminal actions, resulting in 92 criminal convictions and 39 custodial sentences. In the same period, we commenced close to 200 civil actions, resulting in over 130 successful civil claims. More than $500 million in criminal and civil penalties were also imposed by the courts.

‘Protecting consumers and small businesses from misconduct and taking decisive action against those who break the law is central to ASIC’s work to maintain confidence in Australia’s markets and support the economy.’


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