ASIC releases enforcement report

12 December 2022

The Australian Securities and Investments Commission (ASIC) has today released its latest enforcement report, summing up key actions taken from July to September.

Chairman Joe Longo says ASIC remains committed to using its full regulatory toolkit “to address consumer and investor harms and promote trust and confidence in Australia’s financial system”.

“Our enforcement and regulatory action between July and September spanned the insurance, credit, superannuation, financial advice, managed investments, markets and auditing sectors,” he said.

ASIC says it issued its first design and distribution obligations (DDO) stop order in July.

“We have now issued 21 DDO interim stop orders to date, five of which were issued between July and September. And we have just commenced our first civil penalty proceedings for poor target-market practice,” Mr Longo said.

“The DDO regime represents a fundamental shift in consumer protection in financial services, giving ASIC the capability to prevent consumer harm and move quickly when firms do not meet their obligations.”

Click here to read the report.