The Australian Securities and Investments Commission (ASIC) says it is prioritising 13 referrals made by the Hayne royal commission.

The cases include 11 matters related to eight entities noted in the final report and two cases referred during the hearings.

The ASIC enforcement team is investigating a further 12 matters that featured as case studies before the royal commission and has started proceedings related to MLC and Dover Financial Advisers.

“ASIC is assessing another 16 case studies to determine whether investigations should be commenced,” it says in an update on its response to the royal commission.

“Aside from the royal commission case studies, ASIC’s enforcement teams are undertaking a large volume of work on a range of misconduct relating to major financial institutions and their representatives.”

Commissioner Kenneth Hayne’s final report says Youi and Allianz were among companies referred to ASIC for possible action following case studies.

The report says Suncorp’s issues relate to the cash settlement of claims after Victorian bushfires, while IAG’s issues with add-on insurance sales have already been drawn to ASIC’s attention.

ASIC says plans to establish an Office of Enforcement will be completed this year as it takes a tougher approach towards misconduct.

It is also acting on matters that do not need legislation, and has committed to working with the financial services industry on making some code of practice provisions enforceable by law.

The regulator also flags the need for increased funding as it meets expanded responsibilities.

“ASIC will work with the Government as it seeks to ensure regulators remain appropriately resourced and as it considers what additional funding is required in the 2019-20 budget context.”