ASIC is Australia's corporate, markets, and financial services regulator that oversees insurance companies, financial advisers, and ensures compliance with consumer protection laws.
ASIC (Australian Securities and Investments Commission) is the Commonwealth body that regulates Australia's financial services industry, including insurance providers, brokers, and advisers. It enforces market conduct and consumer protection rules under the Corporations Act 2001.
ASIC handles market conduct and consumer protection. APRA handles prudential supervision (capital and solvency). The two regulators work alongside each other, with ASIC focused on how products are sold and APRA focused on whether insurers can pay claims.
In 2019, ASIC banned a financial adviser for 10 years after finding they provided inappropriate insurance advice that left clients underinsured
ASIC issued stop orders against several funeral insurance products in 2021 after finding they provided poor value and were inappropriately marketed to vulnerable consumers
Following the Banking Royal Commission, ASIC increased supervision of insurance claims handling, resulting in millions of dollars in remediation payments to affected customers
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