The financial services regulator will focus on premium accuracy and transparency and the use of cash settlements as part of its updated corporate plan.

The Australian Securities and Investments Commission’s strategic priorities include improving consumer outcomes, with a focus on: credit and financial hardship; dispute resolution; scams; insurance; and financial education through its Moneysmart site.

“We will examine the accuracy and transparency of general insurers’ disclosures about premiums and work to better understand consumer experiences,” it says.

It will review the use of cash settlements to better understand the practices and disclosures surrounding offers and to assess any consumer harm risks.

ASIC will maintain its Indigenous Outreach Program and will build understanding of how communities are engaging with general insurance products.

In the life sector, the regulator says service issues are a major source of complaints and it will review whether insurers are meeting obligations to customers buying policies directly or through financial advisers.

It will continue to help Treasury with the remaining tranches of the Delivering Better Financial Outcomes reforms and assist industry by updating guidance as changes are legislated.

ASIC’s four other strategic priorities are strengthening market disclosure and professional conduct; supporting better retirement outcomes and member services; strengthening operational digital and data resilience and safety; and driving integrity and transparency across markets.

“The operating environment for our financial ecosystem is increasingly complicated and that requires a well-calibrated response from ASIC, which we have detailed with our corporate plan,” chair Joe Longo said.

Last financial year the regulator started 38 civil proceedings and 252 formal investigations, up from 32 proceedings and 168 investigations the previous year.

The corporate plan covers the period from this year to 2028-29.