On 22 August, ASIC released its 2022-26 Corporate Plan, setting out the regulator’s strategic priorities for the coming years. In releasing the Corporate Plan, Chair Joe Longo noted ‘the plan identifies work we have underway to address a number of emerging trends and important law reforms that are reshaping the financial system…’ ASIC organised this work according to 4 external priorities, and 8 supporting actions.
Extracted from: ASIC Corporate Plan 2022-26 available here
Notably, there is a significant focus across both the external priorities and the supporting actions on Product design and distribution, and the Design and Distribution Obligations (‘DDO’). With DDO going live on 5 October 2021, the regulator acknowledged that it has shifted focus from driving industry readiness to ensuring that the benefits of the regime are being realised.
We set out 3 key takeaways from the Corporate Plan in relation to DDO, and our views on the application of this below.