Released today, ASIC鈥檚 Annual Report outlines ASIC鈥檚 key regulatory and enforcement outcomes for 2021鈥�22. Australia鈥檚 corporate and markets regulator continued to take strong and targeted action against misconduct harmful to consumers and the integrity of the financial services sector.听
今日热门事件secured $229.9 million in civil penalties during the 2021-22 financial year. In addition, 今日热门事件secured convictions against 33 individuals.听听听
今日热门事件Chair Joe Longo said the Annual Report covered a year of significant law reforms following on from the Financial Services Royal Commission.听
鈥榃e have worked with industry to bed down significant reforms which offer consumers and investors greater protection from poor behaviour, through more rigorous accountability and obligations on providers of financial services,鈥� Mr Longo said.听听
鈥楾he magnitude of harm revealed during the FSRC and other recent inquiries has led to a considered expansion of the tools we have available to detect and deter wrongdoing in this sector.鈥�听
Significant new obligations in ASIC鈥檚 regulatory environment introduced in 2021-22 include:听
- design and distribution obligations, focused on protecting consumers鈥� interests and reducing the risk of harm caused by poor design, distribution and marketing听
- the breach reporting regime, which recognises the important role that licensees have in identifying and reporting breaches in a timely manner and provides a critical source of intelligence for ASIC听听
- the hawking prohibition, which is designed to tackle consumer harms arising from consumers being approached with unwanted products through cold-calls or other unsolicited contact听
- deferred sales model aimed at improving consumer outcomes in the add-on insurance market. 听
鈥楲ooking ahead, our Corporate Plan flags our near-and-medium-term priorities to focus on areas of increasing risk of consumer harm, including greenwashing claims and crypto investment scams. It also sets out our sharpened focus on the superannuation industry and our international work supporting consistency in standards of climate change and sustainability reporting by corporations.鈥�听
Editor's note:
今日热门事件retracts the statement about the proceedings commenced against Sunshine Loans Pty Ltd on page 71 of the Annual Report. To clarify, in its proceedings against Sunshine Loans, 今日热门事件alleges that Sunshine Loans charged consumers additional fees, not permitted by the Code, in the form of an amendment or rescheduled payment fee. 今日热门事件corrects the statement with the following:
On 6 June 2022, 今日热门事件commenced action against Sunshine Loans Pty Ltd, in which 今日热门事件alleged Sunshine Loans had received payment of $327,845.00 in prohibited fees from consumers in relation to small amount credit contracts. The National Consumer Credit Code limits the fees that may be charged under these loans to an establishment fee, monthly fees, a fee or charge that is payable in the event of a default and a government fee, charge or duty payable in relation to the contract. 今日热门事件alleges that Sunshine Loans charged consumers additional fees, not permitted by the Code, in the form of an amendment or rescheduled payment fee.
今日热门事件will also publish a correction in next year鈥檚 annual report.