ASIC Enforcement Priorities
Article Source 3 min read
ASIC Enforcement Priorities for 2023
ASIC’s enforcement priorities for 2023 focused on safeguarding consumers and preserving the integrity of financial markets. Key areas of focus included:
Misconduct harming market integrity such as insider trading, market manipulation and continuous disclosure breaches
Misconduct affecting First Nations people
Conduct that causes serious consumer harm, especially among financially vulnerable groups
Systemic compliance failures by large financial institutions
Emerging risks in the financial system
These priorities reinforced ASIC’s commitment to protecting consumers and holding large industry players accountable.
ASIC Enforcement Priorities for 2024
In November 2023, ASIC announced its 2024 enforcement priorities, broadening its focus to include persistent consumer issues. The primary areas include:
Misconduct in distribution of financial products (product design and distribution failures)
Misleading conduct related to sustainable finance and greenwashing
High-cost credit and predatory lending towards consumers and small businesses
Member services failures and erosion of superannuation balances
Insurance claims handling, including delays, poor communication and misuse of policy exclusions
Conduct impacting small businesses, including creditors
Gatekeepers facilitating misconduct (auditors, lawyers, financial advisers)
Misconduct in usedcar finance targeting vulnerable customers
Compliance with financial hardship obligations
Reporting breaches under the reportable situation regime
Resilience of technology systems used by market operators and participants
ASIC described these priorities as part of its “enduring” focus on market integrity and consumer protection.
ASIC Enforcement Priorities for 2025
At its Annual Forum, ASIC’s Deputy Chair Sarah Court announced the 2025 enforcement focus, emphasising consumer risks stemming from cost of living pressures. Key priorities include:
Misconduct exploiting superannuation savings
Unethical property investment schemes that mislead consumers
Failures by insurers to act fairly and in good faith towards customers
Enhanced enforcement against insider trading through a specialist investigative unit
Business models structured to evade consumer credit protections
Misconduct affecting small businesses and creditors
Misleading or unfair debt management and collection practices
Licensee failures in cybersecurity and technology resilience
Greenwashing and misleading environmental, social and governance claims
Superannuation member services failures
Auditor misconduct
Used car finance targeting vulnerable consumers
These priorities underscore ASIC’s commitment to shielding everyday Australians from economic hardship and misrepresentation, and to preserving the integrity of markets.
Why These Priorities Matter for You
ASIC’s focus shifts each year based on emerging risks. The 2023 through 2025 priorities reflect growing concerns over consumer harm, fairness in insurance and finance, and robust market operation.
For businesses and individuals, this means:
An expectation of fair conduct, especially in insurance and credit services
Greater risk of enforcement in emerging areas like greenwashing, cybersecurity and opaque business models
Formal accountability of gatekeepers such as auditors, which can impact your compliance obligations
If your organisation works in finance, insurance, superannuation or credit, now is an ideal time to review your practices and seek advice.
How we can assist…
At Bastion Legal, we help everyday Australians navigate complex legal issues with practical, straightforward advice. Our team is dedicated to resolving disputes, protecting rights, and achieving fair outcomes. Whatever challenge you’re facing, we provide clear guidance, strong representation, and practical solutions tailored to your situation.
If you’re facing a situation like the one discussed above, you do not need to face these issues alone. We’re here to protect your interests and work towards the outcome you deserve.
Contact us today for a free consultation and take the next step with confidence.