Advisers absent from ASIC’s 2023 enforcement priorities

Mike Taylor

Managing Editor/Publisher, Financial Newswire

7 November 2022

Financial advisers have not made it directly on to the list of the Australian Securities and Investments Commission’s (ASIC’s) enforcement priorities for 2023. 

The regulator announced its enforcement priorities late last week, with superannuation funds getting a specific mention with respect to poor governance and expenditure of member funds, while financial advisers got no specific mention at all. 

ASIC deputy chair, Sarah Court told ASIC’s annual forum that the following represented the regulator’s enforcement priorities next year: 

• Enforcement action targeting poor design, pricing and distribution of financial products including in relation to insurance, superannuation and other investment products and credit. 
• Misleading conduct in relation to sustainable finance including greenwashing 
• Misconduct involving high risk products including crypto assets 
• Combating and disrupting investment scams including working with other regulators, industry and social media platforms to reduce consumer harm 
• Protecting financially vulnerable consumers impacted by predatory lending practices or high-cost credit including conduct by unlicensed or ‘fringe’ entities 
• Misleading and deceptive conduct relating to investment products which obscures the risk, performance or nature of financial products 
• Misconduct in the superannuation sector including misleading conduct and poor governance 
• Failures by providers of general insurance to deliver on pricing promises to consumers 
• Misconduct that involves misinformation through social media about investment products, including ‘finfluencer’ conduct 
• Governance and director’s duties failures including those related to property schemes that expose investors to significant loss 
• Manipulation in energy and commodities derivatives markets 
• Unfair contract terms including in insurance products