ASIC's "enforcement investigations involving the big six", or their officers or subsidiary companies, have jumped by 74 per cent since the banking royal commission cranked up in early 2018.In an overview of ASIC's "strategic change program and our key strategic priorities" for the year ahead, ASIC chair James Shipton explained how "our strategic priorities interact with the recommendations of the royal commission.ASIC, Shipton said, "continues to implement our strengthened enforcement approach, including applying the 'why not litigate?' discipline."We are continuing to progress the investigation and, where appropriate, litigation arising from the 13 Royal Commission referrals and 30 case studies."While we do not ordinarily comment on actual or potential investigations, we are prioritising these matters and will continue to provide public updates on actions when appropriate."The penalties and regulatory tools available to ASIC "have been strengthened by new legislation; the creation of Design and Distribution Obligations, and the granting to ASIC of Product Intervention Powers to take action against financial products that result in significant consumer detriment."In relation to this important tool, we will be issuing general guidance on our Product Intervention Power following the consultation process that started yesterday and closes in August."We are also establishing an Office of Enforcement, that is responsible to the Commission, for enhancing our investigation and enforcement of contraventions of the laws that ASIC administers."From February 2018 to June 2019 there has been a 21 per cent increase in the number of ASIC enforcement investigations and a 166 per cent increase in wealth management investigations," Shipton said.The ASIC chair was speaking at a Committee for Economic Development of Australia event in Melbourne.