ASIC’s latest review warns financial services firms: weak oversight of offshore providers could put your licence and your customers at risk.
The Wake-Up Call
ASIC’s recent review found major gaps in how Australian financial services (AFS) licensees are managing offshore service providers. Some firms had no clear framework for assessing risk, monitoring performance, or protecting customer data.
Failing to supervise outsourced functions can lead to:
- Compliance breaches and enforcement action
- Service disruption and data exposure
- Damage to consumer trust and reputation
Why Does This Matter
Even when you outsource, your legal and operational obligations stay with you. If your offshore partner drops the ball, you’re the one ASIC holds accountable.
ASIC has made it clear:
“Licensees can outsource services, but they cannot outsource their fundamental obligations.”
Alan Kirkland, ASIC Commissioner
Stay In Control - Wherever Your Outsourced Providors Are Located
Don’t wait for a failed audit, breach, or another compliance headache to reveal your weak spots.
Answer a few quick questions and we’ll send you a tailored report that highlights your risks and provides actionable next steps.
About LEAP Strategies
LEAP Strategies isn’t just another IT provider. We are a Strategic Technology Partner for Australian SMEs, helping them stay secure, compliant, and competitive in a constantly changing digital world.
Our team are specialists in cybersecurity, compliance, and technology management. We take a proactive approach, designing solutions that not only solve today’s challenges but prepare clients for what’s next.
We believe technology should empower growth, not hold it back. That’s why we focus on clear strategy, tailored solutions, and trusted long-term partnerships.
Learn more about what we do
