On 28 October 2025, the Australian Securities and Investments Commission (ASIC) published a speech by Commissioner Alan Kirkland titled “Keeping the customer front and centre.”

Commissioner Kirkland underscored that putting the customer first is not optional for financial services firms. Many aspects of this obligation are embedded in law, with the design and distribution obligations highlighted as a clear example. He then outlined four areas of ASIC’s work that demonstrate its focus on improving consumer outcomes.

Financial hardship

In May 2024, ASIC released a major report on lenders’ hardship practices, raising concerns about “cookie-cutter” responses to hardship notices. Alongside enforcement action already taken, ASIC is closely tracking how lenders are responding. Many lenders have made it easier for customers to lodge hardship notices through better staff training and awareness. Assessment processes are improving, with fewer customers dropping out and faster approvals. Communication has also improved, particularly around the critical period immediately before and after a hardship arrangement ends. Despite these steps, ASIC remains concerned about the quality of some lenders’ hardship responses and the uneven pace of improvement across the sector.

Credit and debt

ASIC is scrutinising businesses involved in debt management, credit repair and debt collection—areas where some of the most vulnerable consumers find themselves in. Earlier this year, ASIC commenced surveillance of licensees offering services such as correcting credit reports, “repairing” credit scores or negotiating with creditors. It is reviewing cases where firms may have failed customers, including by not meeting contractual commitments, charging high fees for minimal or no services, or failing to communicate adequately.

In the coming months, ASIC intends to begin a separate surveillance of the debt collection sector. This work will be relevant to creditors as well as debt collectors.

Better banking outcomes

Last year, ASIC’s first “better banking” review examined harms faced by low‑income customers trapped in transaction accounts with high fees. ASIC considered that banks could identify customers eligible for low‑fee accounts, and data provided by banks confirmed this. Had banks improved their processes and focused on customer needs and circumstances—as required under the design and distribution obligations—ASIC would not have needed to intervene. While ASIC welcomes recent steps taken by banks, it expects continued progress and will consider enforcement action if obligations are not met. ASIC has followed up this year with a larger, nationwide review focusing on outcomes for low‑income Australians and expect continued improvement.

Dispute resolution

Financial firms must report internal dispute resolution (IDR) data to ASIC. After publishing aggregated IDR data last year, ASIC is now moving to publish firm‑level data to drive accountability and improve consumer outcomes.

Conclusion

Commissioner Kirkland closed by emphasising that putting the customer first relies on good processes and practices, robust data, and—most of all—a culture that values the truth, even when it is difficult to hear.