THE corporate watchdog will escalate action against superannuation trustees in 2026 as part of a broadened enforcement crackdown targeting unreliable financial reporting, private credit misconduct and misleading pricing practices across the financial sector.
ASIC Deputy Chair Sarah Court said failures by super funds to deliver basic member services had become a growing source of concern, prompting the regulator to expand investigations into the way trustees report, value and manage unlisted assets, including those held in private credit vehicles.
She said reliable financial information was now critical as super funds play a larger role in the economy. Ms Court said ASIC had doubled new investigations over the past year, nearly doubled matters filed in court and increased criminal prosecutions, resulting in lengthy jail sentences for financial fraud.
She said 2026 would bring “strong, visible and active enforcement” aimed at shielding consumers from financial harm.
New priorities include misleading pricing practices that worsen cost-of-living pressures, poor private credit conduct and failures by insurers to manage claims and complaints.
ASIC will also step up action against entities that do not lodge financial reports on time.
The collapse of the Shield and First Guardian Master Funds has been elevated to a dedicated priority, with more than 40 staff continuing to examine what ASIC calls one of its largest and most complex matters.
The regulator has shifted from returning available funds to investors to holding those involved to account.
Ongoing priorities include insider trading, predatory conduct targeting financially stressed households and unlawful attempts to avoid paying small-business creditors.