“The first thing businesses need to do when served with a notice, is to keep calm and not panic. Then they need to start preparing for investigation. This involves finding out who they are dealing with – there are many different sections in ASIC and they will each have a different approach.”
Businesses then need to revisit their business strategy to remind themselves of their goals, objectives and the needs of their clients, before looking at what the actual issue is.
“We recommend businesses do a triage and look at the conduct or product that is at issue. It may be something that can be remedied relatively easily, for example by putting together a robust compliance plan that includes communicating with clients.”
At various stages along the way, if a business needs legal advice, Hillary suggests engaging a commercial lawyer rather than a litigator.