Working of ASIC
ASIC as an independent government body enforces and regulates company and financial services laws to protect consumers, investors and creditors. It keeps the public informed of these matters through media releases and its annual report.
ASIC administers the regulatory system of consumer protection for the following products:
- deposit-taking activities for example, transactions or savings accounts,
- general insurance,
- life insurance,
- Superannuation,
- retirement savings accounts,
- managed investments.
- securities (ie., shares and debentures),
- derivatives (ie., futures contracts),
- foreign exchange contracts, and
- credit.
Consumer protection regulation for these products includes:
- requirements about the information that must be disclosed to consumers about these products;
- general prohibition against misleading or deceptive conduct and other unfair practices;
- licensing of people who give advice on or are dealing in financial products;
- requirements for conduct of financial services providers; and
- approval of alternative dispute schemes and industry codes.