Better protection for consumers: new ASIC powers

05 Jan Better protection for consumers: new ASIC powers

In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice. These new powers include enhanced licencing, banning, warrant, and phone tap powers, all designed to ensure that avoidable financial disasters uncovered during the Royal Commission never repeats again.