The Australian Securities & Investments Commission (ASIC) has published its annual report for 2022-23, highlighting its enforcement actions and the positive results they have yielded for consumers and small businesses.
During the 2022-23 period, ASIC’s enforcement actions resulted in 35 criminal convictions and the imposition of nearly $190 million in civil penalties and fines by Australian courts. Additionally, ASIC conducted over 130 new investigations.
Key areas of focus for ASIC included sustainable finance, Australia’s aging population, emerging and disruptive digital technologies and associated risks, and product design and distribution. The organization also took its first enforcement action for alleged greenwashing, targeted predatory conduct aimed at consumers and small businesses, used stop order powers to address poorly designed products, and initiated actions against directors who breached their duties. They also reviewed Australian businesses’ cyber resilience practices and worked on scam prevention and detection with major banks.
ASIC Chair Joe Longo emphasized the organization’s commitment to achieving positive outcomes for consumers and small businesses. Over the past seven years, ASIC has overseen remediations of over $7 billion to approximately 8.42 million Australian consumers due to identified failures in the Australian financial services industry.
