The Australian Securities & Investments Commission (ASIC) published a speech by Commissioner Alan Kirkland outlining ASIC’s current view of the “complex challenge of advice”, noting some improvement in advice quality in parts of the market but continuing examples of advice causing severe consumer harm. Against that backdrop, ASIC flagged advice-related misconduct as a sustained enforcement focus for 2025. Key concerns included a recurring pattern in which telemarketers recruit consumers and refer them to advisers who recommend withdrawing superannuation from regulated funds and investing, sometimes via a self-managed super fund (SMSF), into high-risk property schemes or other high-risk investments. ASIC cited its ongoing investigation into the Shield Master Fund as an example, and confirmed that its 2025 enforcement priorities include “misconduct exploiting superannuation savings” and “unscrupulous property investment schemes”, spanning trustees and responsible entities as well as advisers and licensees. The speech also referenced implementation work on the Delivering Better Financial Outcomes reforms, including new and updated guidance released in October and November 2024 and a late-2024 instrument expanding the use of website disclosure for Financial Services Guide requirements. ASIC expects to release findings from its thematic review of SMSF establishment advice in the second half of 2025 and publish firm-level internal dispute resolution data during 2025. It also said it will seek stakeholder views during 2025 through its Simplification Consultative Group on steps it can take within its powers to reduce regulatory complexity, with further announcements foreshadowed in the coming weeks.

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