Friday, 12 May 2017

ASIC Enforcement Review: Self-reporting of contraventions by financial services and credit licensees

An effective breach reporting framework is critical for effective enforcement of the financial services regulatory regime. AIST supports the Review’s proposals to strengthen the breach reporting framework, the inclusion of breaches by financial advisers and credit licensees, and requiring ASIC to report annually on breach reporting at the licensee level. Given the nature of regulatory breaches, ASIC’s annual reporting of breaches should be by sector (similar to that used in APRA statistics). AIST would be pleased to work with ASIC to develop guidance.