Australian Securities and Investments Commission
ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors.MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased information, tools and resources.The corporate regulator became the Australian Securities and Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance and deposit taking.[10][11] ASIC has not acted against the Financial Ombudsman Service (Australia) (FOS) despite the organisation being exposed as having generated misleading file notes and then attempting to offer them in the discovery phase in a Victorian Supreme Court case.Questions remain about how this will affect consumer civil causes of action against banks involved, given that the statute of limitations tends to be six years in Australia.