Longo says ASIC now a watchdog with teeth

Mike Taylor

Managing Editor and Publisher

7 May 2026

It has been nearly a decade since the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established and yet the Australian Securities and Investments Commission (ASIC) is still reacting to its findings.

The regulator is making the courts busy and law firms well-fed.

Outgoing ASIC chair, Joe Longo has admitted that the regulator’s increasingly litigious focus is a direct reflection of the Royal Commission’s suggestion that ASIC was a “a watchdog with no teeth”.

The result, according to Longo, is that “ASIC is one of the most active enforcement agencies in the country”.

“What that means is that we are in court somewhere in the country nearly every single day of the week, driving accountability for serious misconduct – and we are securing considerable penalties as well,” he said.

“Since my term began, we have more than doubled the number of formal investigations that we undertake per year, and more than quadrupled the value of penalties obtained.

“That means that we are acting on more reports of misconduct and intelligence gathered through our regulatory work. We are using our compulsory information gathering powers to force entities to produce documents, answer questions, and attend examinations under oath. And we are bringing these cases to court.

“So far this financial year, we have secured more than $411 million in penalties, not including those still subject to court approval.

“Our work has also seen approximately $421 million returned to investors in connection with investigations into the Shield Master Fund and First Guardian Master Fund.”

Longo said “the ASIC of today is very different to the ASIC of the past” and, in doing so, noted that “in certain quarters, it has been suggested that ASIC should be quieter about its work or do deals behind closed doors”.

“However, I never want the public to lose confidence in ASIC again in the same way it did after the royal commission,” he said. “And maintaining confidence means telling people what you’re doing and following through on it.”