The Australian Securities and Investments Commission (ASIC) last week released its five-year plan up until the 2010.

But don’t expect a change of direction for the corporate watchdog; the goals have a familiar ring to them. These include:

• Helping consumers make better financial decisions;
• Strengthening the integrity of Australian corporations;
• Sustaining confidence in our financial markets;
• Unlocking new value from public information; and
• Creating a more flexible organisation.

ASIC Chairman Jeff Lucy says the goals are “designed to build confidence in Australia’s financial system, markets, companies and financial products and services”.

“Through these strategies, we will see people comply with the laws we administer, and we will enforce those laws effectively,” Mr Lucy said. “To help make sure that those strategies are working, we have identified what we will view as evidence of success.”

The regulator listed industry “jargon” as one of its major challenges – which has a ring of irony to it considering the Financial Services Reform Act (FSRA) has been a major factor in adding to the confusion.

It says while the FSRA has “broadened the scope of ASIC regulation”, the key goals – raising the standards of advice, conduct and disclosure – still need to be worked on. “We must turn this goal into a reality.”

But ASIC acknowledges the onus in achieving these goals doesn’t just lie with the industry. It says it needs consumers to play an active part in finding out their rights and taking responsibility for their financial decisions.  

ASIC says the goals in its strategy are a direct response to challenges it has identified. To succeed, each goal will require “enforcement, regulatory, public information and infrastructure projects and skills”.

“We will aim to have all staff contribute directly to one or more of these strategies, or to support colleagues who are contributing to them.”