The Australian Securities and Investments Commission (ASIC) has outlined priorities and challenges in its corporate plan.

ASIC says it will promote investor and consumer trust and confidence, ensure fair and efficient markets, and provide efficient registration services.

Long-term challenges to its vision include digital disruption and cyber resilience, complexity driven by innovation, and globalisation.

The plan welcomes the new industry funding model, scheduled to begin in July next year subject to consultation.

“We believe an industry funding model will provide us with greater stability and certainty of funding, and ensure we are adequately resourced to achieve our vision.”

ASIC Chairman Greg Medcraft says ensuring Australians can trust the financial system is “at the heart of everything we do”.

“Gatekeepers play a crucial role in the overall health of the financial system,” he said.

“Significantly, the additional funding support announced by the Government over the next four years will enable us to better detect misconduct through more proactive surveillances that target poor practices – at the individual firm and industry level – within the financial advice, superannuation and managed funds, credit, and insurance sectors.”