ASIC’s latest enforcement and regulatory update highlights the regulator’s commitment to combating investment scams and protecting consumers from digital misconduct. The update highlights ASIC's multi-faceted approach, which includes oversight activities aimed at minimizing and preventing consumer harm, addressing market integrity issues, combating greenwashing and addressing insurance failures, while promoting compliance with the law.
Longo elaborated further on ASIC's recent initiatives, which include a comprehensive review of major banks' protocols for detecting, preventing and responding to fraud. Following this review, ASIC expects all financial institutions to strengthen their strategies to combat fraudulent activity. The focus has now turned to the wider banks and pension trustees, with ASIC scrutinizing their efforts to protect members and customers from predatory schemes.
