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ReportFinanceAustraliaConfirmed

ASIC finds AI governance at financial licensees lags adoption

See how this story connects

Source: Australian Securities and Investments Commission

The Australian Securities and Investments Commission published report REP 798, “Beware the gap”, on 29 October 2024. It reviewed 624 AI use cases at 23 licensees in banking, credit, insurance and financial advice, and found nearly half of the licensees had no policies on consumer fairness or bias, and fewer had policies on telling consumers about AI use. About 60% planned to increase their AI use.

Why it matters

Australian banks, insurers and advisers were warned that their AI governance must keep pace with deployment, and that ASIC would apply existing consumer protection and director duties to AI use.

When
29 Oct 2024
ID
WTA-N-2024-0135
Who
ASIC

Summary by wheresthe.ai, from Australian Securities and Investments Commission. Checked against the source on 9 Oct 2026.

Read the original at Australian Securities and Investments Commission

Source copy: download the page as saved on 18 Oct 2026 (PDF). Also held by the Internet Archive.

Cite this story

WTA-N-2024-0135: “ASIC finds AI governance at financial licensees lags adoption.” wheresthe.ai, 29 Oct 2024. https://wheresthe.ai/d/au-asic-beware-the-gap-ai-governance-2024-10/ (source: Australian Securities and Investments Commission).

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