ASIC webpage

ASIC’s CORPORATE PLAN 2020-2024 – how does this impact retailers?

On 31 August 2020, ASIC released its Corporate Plan for 2020-2024, outlining its strategies and priorities for the next four year period. The plan takes into consideration the long term impact of COVID-19 and provides useful guidance as to where it will focus its supervisory and enforcement powers both in the short term but also longer term.

ASIC has outlined that these action plans will be governed by the following five strategic priorities:

  • protecting consumers from harm at a time of heightened vulnerability;
  • maintaining financial system resilience and stability;
  • supporting Australian businesses to respond to the effects of the COVID-19 pandemic;
  • continuing to identify, disrupt and take enforcement action against the most harmful conduct; and
  • continuing to build our organisational capacity in challenging times.

Some key takeaways

  • In the long term, ASIC appears to have adopted a ‘why not litigate’ approach to enforcement with an aim to deter and regulate misconduct. Therefore, we can expect that ASIC will resume business as usual in the near future, despite any disruptions caused by COVID -19, particularly in its focus areas around superannuation, predatory lending, professional service provides and product design for example.
  • In the short term and during COVID-19, ASIC appears to be focused on addressing the impact of the pandemic on particularly vulnerable consumers.
  • ASIC has outlined a long-term focus on addressing potential misconduct by company directors through individual accountability measures in ASIC’s future investigations.

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