SEARCH

Corporate regulator aims for ‘digital transformation’ in 2022

The corporate regulator’s chair says ASIC will aim to be a “modern, digitally-enabled regulator” in 2022.

In an opening address at a parliamentary joint committee on Friday (26 November), ASIC chair Joe Longo outlined some areas of focus next year in its bid to be “responsive to changes in our regulatory environment”.

“We continue our work on digital transformation, to be a modern, digitally-enabled regulator, through the ASIC data strategy being implemented by the chief data and analytics office,” Mr Longo told the committee.

“We have begun using our certified ‘data lake’ that provides ASIC with a platform from which all of its data activity on the financial services industry can be brought together, shared, reused and collaborated on through cutting edge data and analytic tools.”

Advertisement
Advertisement

Mr Longo’s comments come after ASIC unveiled plans in September to launch a financial adviser hub on its website in an effort to provide greater clarity on regulatory requirements within the sector.

“We’re looking at creating a new financial advice webpage where we are hoping to consolidate and centralise all financial advice-related content. We are going to try to improve practical guidance and examples,” he said at the time.

“We’re also looking at adding extra guidance in the form of an example statement of advice and an information sheet about record of advice.”

Meanwhile in July, the Financial Planning Association of Australia (FPA) revealed it was working on a digital SOA alongside ASIC that would “effectively have no paper involved at all”.

A due date on the digital SOA is yet to be announced.

Corporate regulator aims for ‘digital transformation’ in 2022
default
ifa logo
Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.