The Australian Securities & Investments Commission (ASIC) Chair Joe Longo used an opening statement to the Senate Economics Legislation Committee’s Supplementary Budget Estimates hearing to outline ASIC’s recent organisational restructure and a marked lift in enforcement activity, alongside key current priorities in high-risk super switching, misconduct at ANZ, and work on public and private markets. ASIC reported a 50% increase in investigations and a nearly 20% increase in new civil enforcement proceedings over the past year. In the first six months of 2025 it commenced 132 new investigations (63 in the same period in 2024) and 23 new court actions (12 in the same period last year), and in the last six months secured six criminal convictions and AUD 57.5 million in civil penalties. On high-risk super switching, ASIC cited 24 ongoing investigations connected to the First Guardian and Shield Master Fund matters, with more than 40 staff assigned and more than 45 court appearances; it also pointed to a 25 September announcement that Macquarie Investment Management Ltd committed to pay approximately 3,000 affected members 100% of amounts invested in the Shield Master Fund, less any withdrawals. On ANZ, ASIC highlighted proceedings filed in early September in which ANZ admitted unconscionable conduct, including incorrectly reporting bond trading data by overstating volumes by tens of billions of dollars and misconduct affecting nearly 65,000 customers, with ASIC and ANZ to ask the Federal Court to impose AUD 240 million in penalties across four proceedings. On markets, ASIC referenced its February discussion paper on capital market shifts and its 22 September progress report and expert paper on private credit calling for higher industry standards. Next steps include continued work to pursue accountability and explore compensation avenues in the high-risk super matters, engagement with Treasury on law reform options, coordination with the Australian Financial Complaints Authority on guidance for consumers with complaints against financial firms and superannuation trustees, and publication in November of ASIC’s response to the February discussion paper and an intended roadmap.
Australian Securities & Investments Commission 2025-10-09
Australian Securities & Investments Commission reports 50% rise in investigations and highlights enforcement actions on high-risk super and ANZ
ASIC Chair Joe Longo detailed the agency's restructure and heightened enforcement at a Senate hearing, noting a 50% rise in investigations and a 20% increase in civil proceedings. Priorities include high-risk super switching, with 24 investigations, and ANZ's misconduct affecting 65,000 customers. ASIC also focuses on public and private markets, with a February discussion paper and a September report on private credit standards.