Date posted: 07/02/2022

Submission on ASIC assessment

In the submission to the Financial Regulator, we highlighted the discrepancy between ASICs forecasts and actuals which undermines ASICs ability to be effective.

In our submission of 28 January 2022, we raised the difficulty in aligning ASICs forecasted allocation of resources to activities (Corporate Plan) and actual allocation (Annual Dashboard) to achieve its strategic priorities.

The differences for the period 2020-21 are found on page 3 of the submission download below.

The key issue being that the forecasted activities in the Corporate Plan do not align with the activities undertaken and reported on in the CRIS. The CRIS is ASIC’s primary document to inform its regulated population and external stakeholders of its strategic priorities, resource allocation and decisions made.

Not only does the CRIS simply provide broad comments, the timing for its release is solely at ASIC’s discretion. In the last few years, the release of a CRIS has occurred after the financial period to which it relates.

The lack of detail in, the late release of, the CRIS leaves ASICs regulated population unaware of ASICs strategic priorities for their sub-sector, the estimated levy they should build into their budget and business plan and the specific support and guidance that ASIC intend to provide their sub-sector.

We conclude that ASICs current process of setting and advising its regulated population of its strategic priorities, the allocation of resources and reporting on outcomes is ineffective.

We highlighted the need for timely and transparent communication with ASICs regulated population so they may support ASICs strategic priorities. This will require ASIC being transparent with its regulated population on how their feedback is taken into account when setting priorities and making regulatory decisions.

Thank you to our members for their contributions to this submission and ongoing consultations with ASIC. 

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Our members faced increased levies from ASIC for work undertaken in 2020-21

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