ASIC to Name Financial Licensees in New Breach Transparency Initiative

2

This move marks a significant departure from ASIC's current practice of only publishing industry-level data, which omits individual firm details. Notably, the proposed dashboards will exclude personal information for licensees who are individuals, ensuring privacy is maintained.

ASIC's consultation paper outlines several key data elements it plans to share, including detailed information about licensees, the volume and nature of reported breaches, the extent and impact of these breaches, and subsequent remediation and rectification efforts. Additionally, the paper focuses on the licensees' investigative and reporting practices.

The primary objective behind this initiative is to enhance accountability and transparency within the financial sector. By making this data public, ASIC aims to incentivize improved behaviors and performance amongst financial services providers. It also intends to help both firms and consumers identify systemic issues characterized by significant breach volumes and recurring IDR complaints, providing a clearer focus for compliance efforts and improving consumer outcomes.

According to ASIC Commissioner Alan Kirkland, the public release of the proposed dashboard would significantly boost transparency, encouraging firms to bolster their performance. It will also offer consumers and investors a more accessible means to engage with firm-level data, promoting more informed decision-making and participation within the financial system.

The proposals detailed in CP 383 mark a pivotal step in ASIC's ongoing commitment to fostering a more transparent and accountable financial sector, with anticipated benefits not just for industry compliance but also for consumer trust and safety.

Published:Monday, 14th Apr 2025
Source: Paige Estritori

Share this news item:

Finance News

Clear

Sydney's Housing Market Reaches Record $2 Million 17 Apr 2025: Paige Estritori In a landmark moment for Sydney's real estate market, the city’s median asking price for houses has surpassed the $2 million mark, hitting $2,012,000 as of 15 April, according to SQM Research. This figure includes Greater Sydney regions such as the Blue Mountains and Central Coast. The development was confirmed by SQM's managing director, Louis Christopher. - read more

Institutional Investors Maintain Course Amid Escalating Geopolitical Risks 17 Apr 2025: Paige Estritori Institutional investors across the globe are largely standing firm despite acknowledging the rising geopolitical risks impacting their portfolios. Recent research by investment consultancy firm Bfinance, involving over 160 institutional investors worldwide, reveals that most entities have not adjusted their strategic investments amidst the current economic turbulence driven by trade conflicts. - read more

Acadian Launches Diversified Emerging Markets Equity Fund for Australian Investors 16 Apr 2025: Paige Estritori Acadian Asset Management, renowned for its quantitative investment strategies, has introduced a new emerging markets equity fund targeting Australian wholesale investors. This fund is meticulously crafted to balance risk without compromising on long-term returns. - read more

Bank of Queensland Warns of Rising Bad Loans Amid Economic Uncertainty 16 Apr 2025: Paige Estritori The Bank of Queensland, a prominent mid-tier lender, has issued a cautionary note about an anticipated rise in bad loans due to ongoing economic uncertainty. Despite this warning, the bank's shares experienced an unexpected surge. - read more

ASIC to Name Financial Licensees in New Breach Transparency Initiative 14 Apr 2025: Paige Estritori The Australian Securities and Investments Commission (ASIC) has proposed a new regulatory framework aimed at increasing transparency in the financial industry by identifying financial planning licensees who report breaches. Revealed in a consultation paper, CP 383, this proposal would see ASIC start publishing Reportable Situations (RS) and Internal Dispute Resolution (IDR) data at both firm and industry levels, including the names and licence numbers of the offending companies. - read more