Australia’s corporate watchdog has always measured its success by how many companies it drags into court.
Now, it’s put a number on it.
Starting this year, ASIC will aim to file at least 35 new civil actions per year, codifying the pace of its courtroom crackdowns. And it’s already hitting that target.
In 2024–25 it filed 38 cases. ASIC Chair Joe Longo boasted a 50% boost in investigation numbers and almost 20% more civil cases year-on-year. His message was clear: enforcement isn’t about fixing a single consumer complaint. It’s about outcomes that “reverberate across the market.”
The new quota caps a decade-long shift in ASIC’s playbook. From its cautious style in the mid 2010s, to the post-Royal Commission “why not litigate?” stance, ASIC has now settled on high-impact civil actions.
Evolution of ASIC’s Enforcement
In 10 years, ASIC has swung from gentle settlements to record-breaking penalties.
The numbers tell the full story:
The early 2010s: ASIC once leaned on enforceable undertakings and negotiated resolutions with big institutions. Completed civil cases were few and far between, often in the 20-30 range annually. Critics accused it of being a lapdog, not a watchdog.
The 2018 Royal Commission: Commissioner Hayne’s findings torched that approach. Out went quiet settlements, in came a new mantra: “Why not litigate?” Civil cases spiked, peaking at over 80 new proceedings in 2020-21. The regulator pursued the likes of banks, superfunds and insurers in rapid succession. It secured record penalties, including $230m in civil fines in 2021-22 alone.
The 2020s: By 2022, the frenzy cooled. Case numbers fell from their Royal Commission highs. The strategy shifted from volume to impact – fewer cases, but ones that shaped the market.
ASIC’s New Target
The last three years show what “impact” looks like. The cases ASIC is running are no longer just bread-and-butter disclosure or licence breaches – it’s ramping up its ESG, crypto and consumer protection actions.
Greenwashing and ESG
In 2024-25, ASIC chalked up three landmark wins. Mercer Super was fined $11.3m – ASIC’s first successful greenwashing case. Weeks later, Vanguard was hit with a record $12.9m penalty for misrepresenting how it screened investments for ESG. Deputy Chair Sarah Court said the penalty sent a ”strong deterrent message” to others in the market. By early 2025, Active Super rounded out the trilogy, ordered to pay $10.5m.
Whistleblowers
In August 2025, the Federal Court handed down the first-ever penalty under the 2020 whistleblower laws - $7.5m. TerraCom admitted its public statements victimised the whistleblower, causing “hurt, humiliation, distress and embarrassment”. Clayton Utz noted that the penalty “sets a high benchmark for breaches of whistleblower protections”.
Consumers
ASIC has zeroed in on system mistreatment of vulnerable customers. In 2023, ANZ copped a $15m fine for misleading cardholders about the amount of available funds and balances in credit card accounts. Westpac was also sued for failing to respond to customer hardship notices in time. By 2025, NAB and AFSH were penalised $15.5m for ignoring 345 hardship applications.
Crypto
In late 2024, ASIC went after Binance, the world’s largest crypto exchange, for misclassifying 500+ retail investors as sophisticated clients. That meant ordinary mum-and-dad investors were exposed to volatile derivatives without protections. Many suffered heavy losses. In 2023, ASIC oversaw $13m in compensation payments to affected clients.
Market Integrity
ASIC’s first short-selling case landed in 2025 against Macquarie Securities. It alleges that between 2009 and 2024, Macquarie misreported at least 73 million trades (and possibly even up to 1.5 billion) due to years of system failures. The case could see fines of up to $783m, marking the fourth time in 12 months ASIC has sued Macquarie.
2026 and Beyond
No more box-ticking.
ASIC wants cases that shake markets — ESG, crypto, whistleblowing, hardship and the old staples of governance and disclosure. Longo is chasing “high penalties and sentences” that sting.
For corporates, the message is clear: the quota is set, the gloves are off.