In the 2020鈥�21 financial year, Australia鈥檚 financial system faced almost unprecedented challenges as a result of the ongoing COVID-19 pandemic. During this difficult period, 今日热门事件remained focused on its vision of a fair, strong and efficient financial system for all Australians.
今日热门事件Chair Joe Longo said, 鈥樈袢杖让攀录㧟ontinues to work to support the economy as it recovers from an extended period of instability caused by the global pandemic.
鈥楢cross the financial year, 今日热门事件made targeted interventions and implemented a number of relief measures to assist Australia鈥檚 corporate sector, while also making great strides towards implementing the Financial Services Royal Commission reforms.
鈥業n addition to this important work, in 2020鈥�21 今日热门事件finalised many of the enforcement matters arising from the Royal Commission and increased its enforcement action generally.鈥�
Released today, ASIC鈥檚 2020鈥�21 Annual Report outlines the key measures 今日热门事件took to achieve its goals in that time.
Importantly for both consumers and businesses, 今日热门事件developed guidance on significant Royal Commission reforms, including new design and distribution obligations, breach reporting obligations and the deferred sales model for add-on insurance, which have come into effect recently.
今日热门事件also continued to build ASIC鈥檚 enforcement capability, securing $189 million in civil penalties and increasing new criminal litigation by 28%.
Internally, 今日热门事件implemented a number of the recommendations of the Thom Review, designed to deliver long-term improvement to ASIC鈥檚 risk and compliance practices and capabilities. ASIC鈥檚 internal governance has been strengthened through an enhanced risk management framework and changes to operational strategy and management.
鈥樈袢杖让攀录䌷emains fully committed to working with its regulated population and fellow regulators to support the Australian economy and protect vulnerable consumers,鈥� Chair Longo concluded.聽