karen chester

After publishing two separate guides and with the Financial Accountability Regime firmly in mind, the regulator was scathing of licensees’ collective remediation processes when it released findings of a recent industry review.

The regulator has issued 26 stop orders against 18 companies for failing to adequately target financial products to the appropriate market since the “design and distribution obligations” regime began, it said in an initial compliance review. And it warned that closer scrutiny is coming.

The corporate regulator has delivered a stern warning to licensees with the release of its guide on consumer remediation. After overseeing billions in repayments to Australians, ASIC chair Karen Chester says the industry “must do better”