The Morrison Government has today welcomed the Australian Securities and Investment Commission’s (ASIC) plan to create a dedicated unit focussing on minimising regulatory costs for businesses and consumers.
This unit, outlined in ASIC’s 2021-25 Corporate Plan, will identify and implement changes to how ASIC administers the law. ASIC will also work to streamline stakeholders interaction and to support the more efficient and effective delivery of its regulatory remit.
Minister for Superannuation, Financial Services and the Digital Economy Jane Hume said the creation of ASIC’s regulation unit is another step forward to improve regulatory alignment and cut red tape.
“I want all Australian households to have access to affordable, high quality financial services and advice. The creation of this unit, alongside the $46 million of relief the government announced this morning for financial advice are important steps forward for Australian businesses.”
“The implementation of the Government’s stewardship approach - focussed on minimising regulatory burden while preserving consumer protections - provides a model for other regulators,” Assistant Minister Morton said.
Regulators are the centre of the Morrison Government’s Deregulation Agenda and all regulators need to set clear expectations and what best practice looks like.
ASIC is also responding to the Deregulation Agenda by embedding a stewardship culture by committing to:
- provide clear guidance and communication on how it will exercise its powers, thus helping businesses comply with the law with minimum compliance costs
- actively and transparently engage with stakeholders and take their feedback into account when making regulatory decisions
- enhance cooperation with other regulators, to share information, avoid duplication and promote common approaches to regulation
- improve its IT capability, to more efficiently collect and share data between agencies, streamlining interactions with our regulated population, to achieve compliance
- continue to embed consistent risk management tools and practices across all of its functions and teams, to improve compliance
- the ongoing transition of registry functions and implementation of the Modernising Business Registers program - part of the Government’s first Deregulation package
- promote regulatory technology (regtech), to deliver better regulatory compliance and consumer outcomes, as well as financial technology (fintech)
- administer an enhanced regulatory sandbox to allow the testing of certain innovative business models without first having to obtain an AFS or credit licence
Assistant Minister Morton commended ASIC’s commitment to align its performance reporting with the principles of regulator best practice, as outlined in the Government’s new Regulator Performance Guide. The Guide is part of work to increase accountability, promote best practice, support cultural change and build the professionalism of regulators.
This Guide also invigorates Ministerial Statements of Expectations for regulators, along with a Statements of Intent, which identify how regulators will deliver on them. ASIC has been quick to deliver its Statement of Intent, which is also included in its Corporate Plan.