breach reporting

Financial planning

Potential ‘name and shame’ breach reporting approach sparks AFSL uneasiness

A legal expert has flagged there is growing tension in the industry as ASIC considers naming licensees in its breach reports, with such a move potentially deterring proac...

Financial planning

Which priorities have fallen off ASIC’s enforcement list?

With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the reg...

Financial planning

The counterintuitive effect of ASIC’s reportable situations complexity

ASIC chair Joe Longo says the complexity of the reportable situations regime for AFSLs is impeding the ability of the regime to achieve its original aim of identifying no...

Financial planning

Small AFSLs on the rise but breach reporting low

ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still...

Financial planning

ASIC details financial advice breach reports in FY24

ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs....

Financial planning

Professional judgement, not prescriptive rules: FAAA

The FAAA has argued against “prescriptive record keeping obligations” in favour of advisers using their professional judgement....

Financial planning

Allaying industry’s breach reporting fears

There needs to be a “mindset change” around breach reporting by licensees and advisers as, rather than be pleased, ASIC will more likely be suspicious if a firm has no br...

Financial planning

Changes ahead for AFSLs’ breach reporting

ASIC has updated its reportable situations regime to remove the need for licensees to submit breach notifications for certain misleading or deceptive conduct breaches....

Financial planning

Reporting of other licensees excluded from breach data

Questions have been raised why reporting by other licensees was excluded from the regulator’s first breach publication and whether it is taking place....

Financial planning

Advisers confused by ASIC breach reporting letters

A rule change regarding breach reporting has left advisers confused why they are receiving warning letters....

Financial planning

Clarity required on reportable situations about other licensees

There are a range of breach reporting issues regarding other licensees beyond the provision of poor advice and advisers may be unaware of different types....

Financial planning

Will ‘dobbing in’ put licensees at risk?

The law should protect licensees reporting other licensees under the new breach reporting regime given it will not be anonymous, according to Holley Nethercote....

Policy & Regulation

Bulk upload reports for breach reporting allowed

To reduce the reporting burden, the corporate regulator is allowing licensees to batch upload reports that derive from a single root cause as part of the new breach repor...

Financial planning

Regulatory investment a 'good faith' move

Having suitable breach reporting systems will go a long way to show licensees are pro-actively dealing with regulatory changes to the corporate regulator, even though it ...

Financial planning

ASIC breach guidance leaves room for subjectivity

The corporate watchdog’s guidance on the scope of civil penalty provisions and what may amount to trivial breaches does not provide sufficient objectivity to assist licen...