Our insights - Henry Davis York

ASIC expands scope of surveillance projects in new corporate plan

Spacer Panel

ASIC has detailed a broad range of new surveillance activities, unveiled in its latest corporate plan released on Wednesday 31 August 2016.

In its FY16-17 corporate plan, ASIC's vision has subtly shifted from a central focus on contributing to 'improved standards of living' to improving the 'financial well-being' of all Australians.

ASIC continues its significant focus on behavioural insights as a key tool for understanding the drivers of customers, investors and gatekeepers. Specifically, additional funding will go towards:

  • expanding the behavioural insights team in order to develop data analytics capabilities to better identify and respond to risks; and
  • extending the regulatory data platform in order to share and capture behavioural insights data. 

ASIC has also announced the following new projects as part of its surveillance activities over the next year. We await with interest further details of each project's terms of reference.

Area New Projects
Gatekeeper culture and conduct in financial services and credit

Financial Advice

Quality of financial service
Accountants operating in the financial advice business
Professional indemnity insurance held by smaller licensees
Insurance churn by advisers
Credit Credit card issuers
Loan fraud, particularly in the home loan market
Breach reporting practices within the Big Four banks
Superannuation and managed funds Employers and super
Gatekeeper culture and conduct in markets
Corporations Promotion of IPOs
Improving the quality of financial information in prospectuses
Insolvency Registered liquidators' independence and remuneration
Digital disruption
  Developing and implementing technology standards
Misalignment of retail product design and distribution with consumer understanding
Superannuation and managed funds Disclosure of fees and costs
Disclosure of performance information
Compliance with custody requirements
ETF issuers' compliance with liquidity and other requirements
Insurance in superannuation
Insurance Direct sale of life insurance
Market intermediaries Retail structured products sales and advice practices
Financial literacy Research and evaluation to support future work
Cross-border business, services and transactions
Superannuation and managed funds Integrity of licencing system for wholesale licensees


Simultaneously with the release of ASIC's updated corporate plan, on 31 August 2016, the Australian Small Business and Family Enterprise Ombudsman announced that it would undertake an inquiry into the adequacy of the law to address concerns raised by the Parliamentary Joint Committee on Corporations and Financial Services in its report, Impairment of Customer Loans. Together with the focus of many of ASIC's upcoming projects, this highlights the Government's substantial financial system agenda to improve consumer outcomes.

Claudine Salameh


61 402 451 770

61 2 9947 6489


Anna Simmons

Senior Associate

61 422 184 048

61 2 9947 6552