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<\/p>\nThe Australian Securities and Investments Commission (ASIC) has expanded its presence in the Northern Territory, citing the need to hold banks and financial institutions in regional communities to account.<\/p>\n
The independent government body, which regulates assets and financial services nationwide, opened a new office in Darwin on Thursday and has boosted local staff numbers, having formerly employed just a single person in the NT between 2015 and 2025.<\/p>\n
“I’m about to finish at ASIC, and a lot of people ask me, ‘What was the most important thing you did?'” ASIC Chair Joe Longo said.<\/p>\n
“I think one of the most important things I’ve done is to do this \u2014 I felt it was just unacceptable that we had one person here.”<\/p>\n
Joe Longo says ASIC’s expansion in Darwin is a decision he is proud of. (ABC News: Michael Franchi)<\/p>\n
Mr Longo said around 10 people now work out of the new office on Smith Street, allowing ASIC to enforce regulation in remote communities.<\/p>\n
“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,” he said.<\/p>\n
Expansion follows investigation into bank account fees<\/p>\n
The commission’s expansion into the NT follows ASIC’s landmark Better Banking for Indigenous Customers investigation and report<\/a>.<\/p>\n The 2024 report and its 2025 follow-up identified thousands of instances of banks keeping Indigenous customers with low incomes in high-fee accounts.<\/p>\n Australian banks on notice<\/a><\/p>\n Hundreds of thousands of Australians slugged more than $60 million in excessive bank fees could soon get a refund, but Commonwealth Bank customers may not see a cent of $270 million in unfair charges.<\/p>\n According to the report, more than 150,000 customers paid around $6 million in transaction fees they would not have incurred in the low-fee accounts they were eligible for.<\/p>\n Central Australia was identified in the report as a hotspot for the issue.<\/p>\n Mr Longo said he understood the banks were refunding the money, but ongoing challenges of “digital exclusion” made ASIC’s role in the regions increasingly important.<\/p>\n “As we have more online delivery of services \u2013 where interactions don’t involve people at all \u2013 you can see how that is a challenge in remote communities,” he said.<\/p>\n Across remote regions in the NT, several towns and communities have struggled with a shortage of banking options in recent years.<\/p>\n
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