ASIC For All Australians
4ASIC for all Australians4.1ASIC’s MoneySmart 1144.2Regional action 1174.3Our work with vulnerableconsumers 1224.4Indigenous outreach 1234.5ASIC in the community 125ASIC for all Australians113
A key part of our mission is to help Australiansbe in control of their financial lives.We seek opportunities to improve peoples’ knowledge and helpbuild confidence around financial matters. This includes working withregional communities and our Indigenous population to ensure thatthe financial system serves the needs of all Australians.4.1 ASIC’s MoneySmartThe MoneySmart program provides trusted tools andinformation to help Australians be in control of their financiallives. This year, extensive consumer consultation helped shapea fresh MoneySmart, to be released in 2019–20.In August 2018, ASIC released ‘Women talk money’, a series of videos designed tohighlight some of the major challenges women face around money. The videos sought toinspire women to share their personal money stories and motivate them to actively engagewith their finances and build confidence in managing their money.‘MoneySmart’s Budget Plannertool opened my eyes that most ofmy money can be saved.’MoneySmart Consumer‘I’m really loving the infographicsand just wanted to thank you formaking statistics fun! It has helpedput my goals in perspective.’MoneySmart ConsumerLeft: Author Jane Caro, who features in our ‘Womentalk money’ videos, with ASIC’s Laura Higgins.114ASIC Annual Report 2018–19
The Next GenerationMoneySmart Program2018 National FinancialCapability StrategyThe MoneySmart program, launched in2011, reaches millions of Australians eachyear. In 2018–19, we invested in consumerresearch, testing, content planning anddesign to produce the next generationMoneySmart, to be released in 2019–20.As the lead agency in Australia forfinancial capability, ASIC launched thelatest National Financial CapabilityStrategy in August 2018.Through this project, which surveyed,interviewed and interacted with over 1,000consumers, we aim to:›› increase consumer engagementwith MoneySmart›› set up MoneySmart for measurablecontinuous improvement›› enhance the user experience ofMoneySmart.The priorities outlined in the NationalStrategy inform the practices of thebroader financial capability community.The Strategy supports them inencouraging long‑term behaviouralchange by building strong financialcapabilities in individuals, familiesand communities.The new National Strategy was shaped bya consultation process that included over145 submissions from stakeholders andbuilt on the 2014–17 National FinancialLiteracy Strategy.Below: Members of the Australian Government Financial Literacy Board at the launch of the 2018 NationalFinancial Capability Strategy.ASIC for all Australians115
ASIC’s Financial Wellbeing NetworkThe ASIC‑led Financial Wellbeing Network has over 1,500 members from variousorganisations in the business, not‑for‑profit, education and government sectorsthat work to empower Australians to be in control of their financial lives. Thenetwork includes ASIC‑coordinated events, newsletters, a research hub and servicedelivery expertise.In 2018–19, we delivered the following events:›› ‘Why a Human‑Centred Approach Matters’, with Peter Kell, ASIC and RebeccaHendry, Meld Studios›› ‘Financial Capability: An International Perspective’, with Nancy Castillo, FinancialHealth Network USA and Steve Trites, Financial Consumer Agency of Canada›› ‘Financial Wellbeing in 2019: A Panel Discussion’, with Delia Rickard, ACCC;Peter McNamara, GSM; and Robynne Quiggin, UTS›› ‘Financial Decision Making: How Do We Really Build Financial Capability?’, withDr Emily Heath, EY and Andrew Dadswell, ASIC.Over 90% of attendees left feeling satisfied or very satisfied with our events, andover 80% of attendees report that they will take action as a result of attending.116ASIC Annual Report 2018–19
4.2 Regional actionIn 2018–19, our Regional Commissioners and regional officesfocused on addressing the diverse needs of our communityand improving outcomes for consumers and businesses in eachAustralian state and territory.Through our Regional Commissionersand regional liaison, we ensure that wemaintain an active presence in each stateand territory. The Regional Commissionersreport to the Commission three times ayear on activities, services and liaison intheir state or territory.Governor Philip Lowe, who emphasisedthe importance of consumers activelyengaging with their finances.This year, our work in the regions includedimproving financial capability for specificcommunity sectors, engaging with localagencies and industry associations,and collaborating with other localgovernment departments and agencieson policy issues.In March 2019, ahead of InternationalWomen’s Day, ASIC hosted a paneldiscussion to encourage women toengage with their superannuation andknow their superannuation balance.The panel was moderated by ElysseMorgan, ABC journalist and host ofThe Business. Participants from over adozen public sector agencies attendedthe National Museum of Australia for achallenging panel discussion on womenand money, highlighting ASIC prioritiesaround superannuation and featuring anumber of personal stories emphasisingthat everyone needs to have moneyconversations. Women are taking controlof their financial futures, and morewomen than men consolidated theirsuperannuation funds last year.Our performance against our ServiceCharter this year (see Section 2.5) showsASIC has provided high levels of serviceAustralia wide.Australian Capital TerritoryOur team in the ACT continues to buildstrong working relationships acrossCanberra at both the Commonwealth andstate levels of the public service and withpeak bodies.For more information on ASIC’sfinancial capability initiatives, seeSections 2.3 and 4.1In August 2018, the ACT office supportedthe launch of the National FinancialCapability Strategy. ASIC Chair JamesShipton welcomed a number ofParliamentarians and key stakeholders toParliament House. The event featured RBAASIC for all Australians117
Above: ASIC Chair James Shipton spent time with a financial counsellor and listened to calls on theNational Debt Helpline.New South WalesIn May 2019, we hosted the IOSCOAnnual Meeting. The NSW RegionalCommissioner was Master of Ceremoniesat the IOSCO Presidents Committeemeeting, which included the signingceremony for new signatories to theIOSCO Multilateral Memorandumof Understanding.The IOSCO Annual Meeting was heldtogether with the ASIC Annual Forum2019, which attracted a diverse mix ofinternational and local participants anda record attendance overall.For more information on ASIC’shosting of the IOSCO AnnualMeeting, see Section 5.1118ASIC Annual Report 2018–19Consumer Action Law Centre, Victoria: Gerard Brody(CEO, Consumer Action Law Centre), Fiona Guthrie(Financial Counselling Australia), James Shipton,Laura Higgins and Michael Saadat.We continued to support ASIC’sengagement with consumer groupsand financial counselling organisations,including taking part in FinancialCounselling Australia’s ‘A day in the life’project, which invites federal politiciansand senior decision makers in governmentand industry to spend time with a financialcounsellor in order to better understandthe work they do.
Northern TerritoryOur regional work included presentingat Chartered Accountants ANZ, CertifiedPractising Accountants (CPA) Australiaand Institute of Public Accountants(IPA) events in Darwin and Alice Springs.Commissioner Danielle Press spoke at aBusiness and Professional Women’s event.We also supported ASIC’s engagementwith consumer groups and financialcounselling organisations, includinghosting a roundtable discussion about thework we do to support older Australians,and we engaged with members of newlyarrived migrant communities at theMelaleuca Refugee Centre.We spent two weeks in Arnhem Land,gathering evidence for an investigationand helping people with financialconsumer matters. We also deliveredgovernance training for Aboriginaldirectors living at the remote communityof Pirlangimpi on the Tiwi Islands.We collaborated with Lenore Dembski,the Office of the Registrar of IndigenousCorporations, the Australian Institute ofCompany Directors and Charles DarwinUniversity to host events celebrating thecontribution Indigenous women makeas directors and business leaders. ASICproduced a series of posters celebratingthe achievements of Aboriginal and TorresStrait Islander women in business.Supporting the Indigenous Business Sector – Darwinevent with Tradara Briscoe, artist and designer, andTanyah Nasir, trainer and consultant, who both runtheir own businesses.We worked with NT Police to removefour people with dishonesty‑relatedcriminal convictions from the corporateregister, disqualifying them from holdingdirectorships and managing corporations.QueenslandThis year, we took part in a range ofstakeholder events and local outreachprograms. Our work with small businessincluded attending a regulatory rally inTownsville in October, to coincide withSmall Business Professionals Week, wherewe distributed information about oursupport services for small businesses.In March, we attended the AustralianGovernment Small Business Fair inRockhampton and in May we participatedin a cross‑agency event in BeenleighASIC for all Australians119
for Queensland Small Business Week,promoting tools and resources availableto help small businesses understandtheir obligations.In October, we travelled to Palm Islandwith representatives of the IndigenousConsumer Action Network, to meetwith locals and other agencies to deliverfinancial literacy resources and gatherintelligence on local financial issues. Thevisit was part of the targeted outreachprogram to support recipients of classaction compensation payments made bythe Queensland Government.South AustraliaThis year, our regional work focused onproviding support and advice to smallbusiness. We joined with other federal,state and local agencies to provideinformation on compliance, registrationand licences, training, safety and businessgrowth strategies.ASIC took the MoneySmart message tothe Riverland Field Days in Barmera, spoketo the local community about makinggood financial decisions, and promotedour MoneySmart website, app andfinancial literacy resources.We also presented at professionalevents, including the Financial PlanningAssociation annual general meeting, theSA/NT Australian Restructuring Insolvencyand Turnaround Association conference,the Law Society of South Australia andChartered Accountants ANZ aboutregulatory issues relevant to their sector.Below: ASIC Project Officer Melissa Gross onsite providing information and advice for small business.120ASIC Annual Report 2018–19
TasmaniaIn September 2018, we hosted over 50members of the Tasmanian businesscommunity at an ASIC stakeholderfunction attended by our Chair and threeCommissioners. We held two RegionalLiaison Committee meetings this year anddiscussed experiences that businesses havehad with the ASIC registry and mattershighlighted by the Royal Commission.In March, we participated in SmallBusiness Fairs in Launceston and Hobart,where we answered questions from smallbusiness owners and consumers aboutour role in this sector and ASIC’s registryservices. We also showcased our SmallBusiness Hub and the First Business Appand distributed Small Business bookletsand MoneySmart material.VictoriaIn October 2018, we held a MoneySmartstand at the Elmore Field Day in regionalVictoria, with the support of the ASICChair and members of our GraduateProgram. The three‑day event attracted astrong attendance of 35,000 visitors fromacross Victoria and New South Wales. Wedistributed around 1,500 MoneySmartshowbags and the ASIC Chair met withlocal small business representatives andthe Rural Financial Counselling Service.We marked the occasion of ASIC’s tenancyof our Traralgon office reaching 25 years.ASIC has occupied the entire building inthe La Trobe Valley since June 1993.Our Victorian Regional Commissioner,Warren Day, spoke at the VictorianIndependent Broad‑basedAnti‑corruption Commission’s ProtectedDisclosure Coordinator Forum in Juneabout ASIC’s approach to whistleblowers,the experience of ASIC’s Office of theWhistleblower over the last three years,and the amendments to whistleblowerprovisions in the Corporations Act cominginto effect from 1 June 2019.Our Regional Commissioner also recordeda small business podcast with Alexi Boyd forher radio show Small Biz Matters, discussingASIC’s role in starting up and closing downbusinesses, our work with small business,phoenix activity, and other cross‑agencywork. He is also a guest on ABC Gippslandonce a month, speaking about consumerissues and ASIC’s MoneySmart programwith Jonathon Kendall.Western AustraliaThis year, we continued our engagementwith local industry by convening eightliaison meetings across the corporatefinance, insolvency, accounting, creditand market participant sectors, providingstakeholders with a forum to raise concernsor emerging issues in their sectors.In August, we hosted the annual ASICstakeholder function, where the Chairpresented on ASIC’s current priorities.Commissioner Cathie Armour hosted a‘Women Directors’ event and introducedASIC’s Corporate Governance Taskforceto the local community.Our Regional Commissioner gavepresentations during the year to thebusiness community on a variety ofregulatory topics, including governanceand risk management, financialtechnology (fintech) and regulatorytechnology (regtech), and ASIC’sapproach to enforcement.ASIC for all Australians121
4.3 Our work with vulnerable consumersWe create and distribute tailored resources, tools andinformation that support financially vulnerable consumersin making informed decisions. We also focus on promotingindustry behaviour that leads to fairer outcomes for vulnerableconsumers and take regulatory action to ensure that consumersfacing hardship are treated fairly.Our new product intervention powerallows us to confront and respondto significant consumer harm fromfinancial and credit products. Weissued Consultation Paper 313 Productintervention power on the scope of thepower and how we expect to use it,and Consultation Paper 316 Using theproduct intervention power: Short termcredit, on the first proposed use of thepower in the short‑term credit sector.This paper detailed significant consumerdetriment, including for some of our mostvulnerable consumers.Beyond our implementation of thenew product governance regime, weare updating our responsible lendingguidance and acting to address conflictsof interest that may cause consumer harm.122ASIC Annual Report 2018–19We are examining how lenders engagewith consumers experiencing financialhardship, undertaking reviews of productfeatures or practices that raise concerns,and considering sales techniques thatcan disproportionately affect vulnerableconsumers – for example, in the direct lifeand consumer credit insurance sector.Our regulatory work is informed by theinsights of our behavioural unit aboutwhat works for consumers, what drivesbehaviour, and how to influence it forthe better.
4.4 Indigenous outreachIndigenous awarenessand actionASIC’s Indigenous Outreach Program(IOP) provides specialist advice, insightand support to other ASIC teamsto ensure that we effectively andappropriately address the needs ofIndigenous consumers and investors.IOP also engages with Indigenouscommunities and stakeholdersworking with Indigenous Australiansto more effectively enable us toenhance the financial wellbeing ofIndigenous consumers.Engagement with Indigenousconsumers and advocatesIn 2018–19, our work with Indigenousconsumers included:›› continuing to provide a direct point ofcontact through the IOP Helpline andIOP email›› providing strategic outreach in remoteregions, including Central Queensland,south‑west Western Australia andthe Kimberley›› attending state and national financialcounsellors’ conferences›› ongoing participation in Indigenousnetworks, including the NationalIndigenous Consumer Strategy,the North Queensland IndigenousConsumer Issues Taskforce, the WAIndigenous Consumer AssistanceForum and the Consumer Action LawCentre’s Indigenous network.We remain focused on having avisible presence in remote as well asurban communities to help us betterunderstand key issues of concern forIndigenous consumers.We also continue to support theengagement of Indigenous consumers inthe financial system. Our current areas offocus include:›› working to ensure that thesuperannuation system better meetsthe needs of Indigenous consumers›› potential law reform to remove theexemption of funeral expenses as afinancial product (a recommendationof the Royal Commission)›› continuing to work collaboratively onbook up law reform and to educatebook up providers and consumers onfair and legal ways in which book upcan be provided.Consumer education initiatives forIndigenous consumersIn response to issues raised throughoutreach activities, we engaged anIndigenous creative media company tocreate a series of animations highlightingtopics such as dealing with familypressures about money and seeking helpto sort out money problems. These areavailable on the MoneySmart websiteand were created and distributed incollaboration with stakeholders in regionaland remote areas of Australia.ASIC for all Australians123
Central Australian Aboriginal Media AssociationASIC uses a range of media channels to reach Indigenous consumers. This year,the IOP participated in interviews forming a series of radio programs aimed atincreasing knowledge around superannuation in remote Aboriginal communities.The programs were coordinated by the Central Australian Aboriginal MediaAssociation (CAAMA) and covered topics such as consolidating superannuationand insurance in superannuation. CAAMA promoted and distributed the programsthrough its radio network, which reaches remote communities across the NorthernTerritory and central regions of South Australia and Western Australia. The radioprograms will also be translated into Pitjantjatjara and Arrernte, two languagescommonly spoken by CAAMA listeners.124ASIC Annual Report 2018–19
4.5 ASIC in the communityASIC is a leader among governmentagencies in offering a national programthat gives our people opportunities tomake an impact on charities that areimportant to them. This year, our people:›› supported 44 different charitiesthrough workplace giving:–– around 10% of ASIC’s people madepre‑tax contributions this year,donating over 106,000›› volunteered, using the paid leaveprovided by ASIC, at:–– Smith Family iTrack – youthmentoring (national)–– Youth Law Australia (national)–– Foodbank Victoria (Melbourne)–– Exodus Loaves and Fishes (Sydney)–– Meals on Wheels (Traralgon).We are also recognised for integrating ourGraduate Program into our communitywork. Each year, our new graduatesparticipate in a charity project to fundraisefor one of our charity partners. In 2018, ourgraduate cohort raised over 15,000 forLifeline Australia.Lifeline Chair John Brogden visited ASICin November 2018 to congratulate ourgraduates in person for their efforts.National speaker eventsIn July 2018, we hosted the Hon. LindaBurney MP, Member for Barton, as ourkeynote speaker during NAIDOC Week.The NAIDOC Week theme for 2018 wasBecause of her, we can! As pillars ofIndigenous society, Aboriginal and TorresStrait Islander women play active andsignificant roles at the community, local,state and national levels.Linda’s journey is a terrific example of this.She spoke about what NAIDOC means toher, the importance of reciprocity in theculture of First Nations peoples, and theinvaluable role that women play in society.Below: ASIC Chair James Shipton, former Deputy Chair Peter Kell, Danille Abbott and Abbey Glynn, two of ourIndigenous staff members, with the Hon. Linda Burney in Sydney.ASIC for all Australians125
Another highlight of our National Speakers Program this year w
In October 2018, we held a MoneySmart stand at the Elmore Field Day in regional Victoria, with the support of the ASIC Chair and members of our Graduate Program. The three‑day event attracted a strong attendance of 35,000 visitors from across Victoria and New South Wales. We distributed aro
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