ASIC 2026–27 banking priorities letter (30 Sep): AI use review starts Q2 — customer impact, lending, decisioning
ASIC Commissioner Kate O’Rourke’s supervisory letter to bank boards and executives (30 September 2026; PDF desk-fetched 4 Oct) sets 2026–27 banking priorities. New activity: a banking-sector AI review expected to commence Q2 2026–27, focused on new and proposed bank AI use cases and customer impact — especially customer-facing interactions, decision-making and lending — with APRA coordination to minimise duplication.
Letter cites ASIC Report 798 Beware the gap (Oct 2024): AI adoption grew while governance and consumer-risk assessment lagged. Continuing focus includes Scams Prevention Framework implementation (scheduled commence March 2027) with Treasury/ACCC/ACMA. Distinct from ASIC/APRA frontier-AI cyber roundtables (26-201MR). Primary switched this pass from iTnews wire to the ASIC PDF letter; iTnews retained as secondary.
- Product
- Australian banking-sector AI / customer decisioning (regulatory review, not a product CVE)
- Versions
- n/a — supervisory review
- Exploited in Australia?
- unknown
- Patch to
- AU ADIs / banking boards: inventory production and proposed AI use cases touching customers (lending, decisioning, agentic commerce); map consumer-protection and cyber assumptions against REP 798 gaps; plan evidence for the Q2 2026–27 review and SPF readiness (March 2027). Not a patch CVE.