‘Proud’ Longo writes his own valedictory
The Australian Securities and Investments Commission (ASIC) has become transformed as a regulator under his leadership, according to outgoing ASIC chair, Joe Longo.
Longo, who ends his appointment on 31 May, has used ASIC’s latest Enforcement and Regulatory Update to validate his period as chair, stating that “In the five years since I began my term, ASIC has transformed into a modern, confident and ambitious regulator”.
What is more, he pointed to the regulator’s activity over the past six months as “clear evidence of that change”.
“Today, ASIC is one of the most active law enforcement agencies in the country. We are taking more cases to court, achieving record penalties, and protecting consumers. Over the last five years, we have doubled the number of investigations and recorded a 20% increase in civil enforcement proceedings.
“We secured nearly $350 million in court-ordered civil penalties in the second half of 2025, making it the highest six-monthly total in the agency’s history. Our work will also see $583 million returned to millions of Australians through refunds from excessive bank fees and payments in connection with investigations into high risk superannuation schemes.
“We addressed regulatory complexity through our simplification work, took charge on the future of Australia’s financial markets through our public and private markets work and announced a transformational package of reforms with the Australian Securities Exchange (ASX) to strengthen confidence in Australia’s critical market infrastructure.”
Longo’s executive summary then went on to describe 2025 as having been a landmark year for enforcement penalties and also laid claim to having driven the development of a roadmap for regulatory reform.
Longo then concluded by stating: “I am incredibly proud of what we have achieved during my tenure, and I am confident the agency is well positioned to take on the challenges in the years ahead to protect Australians and the strength of our financial system”.
Another failed bureaucrat blowing his own trumpet as $$Billions blow up from MIS fraud & failures, that ASIC were warned about and did nothing.
He “addressed regulatory through our simplification work”. This just shows how out of touch and clueless he is.
We had shield, first guardian, Dixon all under his watch despite the warnings they only showed up to blaze after the building had already burnt down and then were unable to to recover anything of substance from the ashes.
Just shows the ‘top cop’ is nothing but a deluded keystone cop.