All Australian financial organisations and services, companies, and other professionals who deal in insurance, superannuation, investments, credit, and deposit taking, are regulated by the Australian Securities & Investments Commission, known as ASIC. Basically, ASIC acts as our corporate regulator in Australia. ASIC is an independent Australian Government body whose role is to regulate and enforce financial services and company laws to ensure protection of Australian consumers, creditors, and investors.
Ensuring the Protection of Consumers and Investors
ASIC assumes the role of consumer credit regulator, and both licenses and regulates people and businesses who are engaged in consumer credit activities: this includes Mortgage and Finance Brokers, Finance Companies, Credit Unions, and Banks. It’s ASIC’s responsibility to ensure that licensees meet their responsibilities to consumers and the standards as set out in the National Consumer Credit Protection Act of 2009.
The Markets Regulator
ASIC is the markets regulator and, as such, offers the Minister advice regarding the authorisation of new markets; in addition to assessing whether authorised financial markets are in compliance with their legal obligations to operate transparent, fair, and orderly markets.
ASIC: Financial Services Regulator
ASIC became responsible for supervising trading on Australia’s domestic licensed futures, equity, and derivatives markets on the 1st August 2010. ASIC both licenses and monitors financial services businesses, ensuring that these businesses operate honestly, efficiently, and fairly. Typically, these businesses deal in managed funds, superannuation, derivatives and insurance, and shares and company securities.
Protecting Australian Consumers
It’s within ASIC’s power to ensure that all consumers are protected against deceptive, unconscionable, or misleading conduct affecting all financial services and products, and this includes credit.