GRC Report Staff

ASIC's latest misconduct report data shows 9,807 reports received between January and June 2026, with steady overall volumes but a notable 14% increase in reports held for intelligence purposes and a continued rise in "out of jurisdiction" reports. Compliance teams, particularly those in financial services, corporate governance, and insolvency practice areas, should note the persistent prominence of unlicensed financial services, governance failures, and liquidator-related reporting failures as key themes driving regulatory attention.

ASIC and APRA have jointly opened consultation on proposed amendments to simplify FAR reporting obligations, including removing key functions requirements and direct report disclosures from accountability maps. Compliance teams at banks, superannuation funds, and insurers should review the proposals now, as changes are expected to be finalized by end of 2026 and take effect in early 2027.

ASIC secured a criminal conviction against Kristian Convery, a permanently disqualified SMSF auditor who continued to perform audits and falsified 47 audit reports using another auditor's credentials without consent. The case demonstrates ASIC's willingness to pursue criminal prosecution—not just civil penalties—against individuals who breach disqualification orders, underscoring the importance of robust auditor verification controls for firms engaging SMSF audit services.

ASIC has confirmed that its sector-wide no-action position for digital asset businesses expires on 30 September 2026, after which unlicensed firms risk civil and criminal penalties, including fines of up to 10% of annual turnover. Compliance teams at digital asset-related firms must urgently assess licensing status and submit AFS, Australian Market Licence, or CS facility licence applications before the deadline to avoid enforcement action.

ASIC successfully prosecuted CashnGo for embedding unfair contract terms in over 201,000 small amount credit contracts, resulting in a AUD $3.5 Million penalty and multiple contract terms being declared void. The case underscores ASIC's intensified scrutiny of the SACC sector and signals heightened enforcement risk for lenders using automated debt collection practices that strip consumers of control over their finances.

ASIC and APRA have published notes from joint roundtables held with superannuation fund CEOs in June 2026, covering frontier AI adoption, cyber and operational resilience, and crisis preparedness. While non-binding, these notes signal clear supervisory focus areas that superannuation trustees should expect to inform future guidance, surveillance, and enforcement priorities.

The Financial Conduct Authority has issued a public warning identifying VenturoFX as an unauthorized entity potentially offering financial services or products to UK consumers without the required permissions. Compliance teams should treat this as a clear indicator of ongoing unauthorized activity in the financial services space and ensure this firm is flagged across relevant screening and due diligence systems.