ASIC Strengthens Northern Territory Presence to Better Serve Regional Communities
The Australian Securities and Investments Commission (ASIC) has significantly ramped up its operational capacity in the Northern Territory, underscoring a commitment to ensure banks and financial institutions in regional and remote areas are held accountable. The independent body, responsible for regulating Australia’s financial services and markets, officially launched a new, expanded office in Darwin this week. This move represents a substantial increase in local staffing, a stark contrast to the previous situation where only one ASIC representative was based in the NT between 2015 and 2025.
ASIC Chair Joe Longo articulated the importance of this expansion, stating that the previous limited presence was “unacceptable.” He highlighted that the new Darwin office, located on Smith Street, now houses approximately ten staff members. This enhanced team will enable ASIC to more effectively implement and enforce financial regulations, particularly in remote communities.
“I want ASIC to be more effective from a law enforcement perspective, to be able to go into remote communities and work with [them] to avoid harm occurring,” Mr. Longo explained. This proactive approach aims to prevent financial misconduct and protect vulnerable consumers in areas that have historically faced challenges in accessing adequate financial oversight.
Addressing Financial Disadvantage in Indigenous Communities
The commission’s strategic expansion into the Northern Territory is a direct response to findings from ASIC’s significant “Better Banking for Indigenous Customers” investigation and report. This comprehensive inquiry, culminating in a 2024 report with a 2025 follow-up, uncovered thousands of instances where Indigenous customers with lower incomes were retained in high-fee bank accounts.
The investigation revealed a concerning pattern: over 150,000 customers were charged approximately $6 million in transaction fees. These fees could have been avoided had they been placed in the lower-fee accounts for which they were eligible. Central Australia was specifically identified as a focal point for these issues.
While Mr. Longo acknowledged that banks are in the process of refunding these charges, he emphasised that ongoing challenges, particularly “digital exclusion,” make ASIC’s role in regional areas more critical than ever. He pointed out the growing reliance on digital service delivery, where direct human interaction is minimised. “As we have more online delivery of services – where interactions don’t involve people at all – you can see how that is a challenge in remote communities,” he stated.
The Northern Territory’s remote regions have, in recent years, grappled with a diminishing array of banking services. A notable example occurred in 2022 with the closure of the Westpac branch in Tennant Creek, an event that led to public sanctions being imposed on the bank by the Banking Code Compliance Committee. ASIC’s increased presence aims to prevent similar situations and ensure continued access to fair financial services.
Supporting Small Businesses and Navigating Regulation
Beyond its enforcement mandate, Mr. Longo expressed his hope that ASIC’s strengthened presence would also empower small and medium-sized enterprises (SMEs) across the NT to better navigate the complexities of financial regulation.
“If you want to start a business, it shouldn’t be any harder than it needs to be,” Mr. Longo remarked. “It’s hard enough to develop a business case and to find investors and to actually conduct the business.”
Recent data indicates that private industry investment in the Northern Territory has experienced a slowdown in recent quarters, with investment levels often dependent on substantial infrastructure projects. Mr. Longo highlighted that for businesses operating in regional and remote areas, complying with regulatory requirements can be particularly challenging.
“If you’re in a remote community, you’re sort of driven to what I would call a digital interaction — you’re on the phone, sending an e-mail,” he said. “One of the things we’re trying to do at ASIC is to make those interactions, frankly, easier.”
The enhanced Darwin office is expected to provide more accessible guidance and support to local businesses, simplifying regulatory processes and fostering a more supportive environment for entrepreneurship in the NT. This initiative underscores ASIC’s commitment to not only enforcing the rules but also to actively assisting the businesses that form the backbone of regional economies.
