According to the Australian Securities and Investments Commission Act 2001, the Australian Securities & Investments Commission (ASIC), which was established in July 1998, is currently positioned as the national corporate regulator in charge of policing Australia’s businesses, markets, and financial services.
In order to promote a fair and equitable financial market, ASIC’s duty is to regulate business and financial services, including banks, credit unions, mortgage and finance brokers, and to enforce laws to safeguard Australian consumers, investors, and creditors.
Brokers must have a current Australian Financial Services (AFS) licence in order to conduct business there or provide financial services to Australians. The fact that ASIC tries to defend their interests is the main factor in why numerous top forex brokers select it as their regulatory body. Additionally, the brokers seek to tap into the extraordinarily profitable Australian market.
One of the most capable broker regulation standards in the world now is ASIC. Risk restriction, bonus bans, and customer education are just a few of its stringent criteria.
ASIC has recently come under fire from consumers, consumer activists, and public authorities for failing to take effective measures to safeguard consumers from big financial institutions.