The Australian Securities & Investments Commission published a fireside discussion from the Financial Counselling Australia Conference following Joe Longo's last keynote as ASIC Chair, in which he restated ASIC's operating priorities rather than announcing a new measure. He said the regulator should continue as a modern, confident and ambitious body, with more systematic engagement with the community and the financial counselling sector helping it identify issues and explain how it prioritises matters given limited resources. Longo argued that ASIC and the broader system need to invest more in prevention of financial harm, particularly financial literacy and consumer empowerment through tools such as Moneysmart, because enforcement cannot catch every case of misconduct and ASIC is not mandated or resourced to recover all losses. On scams and technology, he said ASIC took down 12,000 scam websites last year, but rapid advances in artificial intelligence and the concentration of power among a small number of digital platforms require continued engagement with technology companies and stronger ASIC capability to understand, use and investigate new technologies. Addressing the Shield and First Guardian cases, Longo said they exposed vulnerabilities in Australia's AUD 4.5 trillion superannuation system and that lessons from those matters are being reflected in law reform proposals currently under consultation. He also pointed to a need for safer access to advice and counselling so consumers can better assess risk and return and avoid being drawn by higher-return offers without understanding the risk.
Australian Securities & Investments Commission 2026-05-08
Australian Securities & Investments Commission chair outlines priorities on prevention technology risks and superannuation reform in final conference discussion
The Australian Securities & Investments Commission published a fireside discussion with outgoing Chair Joe Longo, who reiterated ASIC’s priorities, including operating as a modern, confident regulator with more systematic engagement with the community and financial counselling sector. Longo emphasised greater investment in preventing financial harm through financial literacy and tools such as Moneysmart, enhanced capability to address scams and AI-driven misconduct, and closer work with digital platforms. He noted that recent Shield and First Guardian cases highlighted vulnerabilities in Australia’s AUD 4.5 trillion superannuation system and underscored the need for law reform and safer access to advice.