ASIC releases third publication on insights from the reportable situations regime
ASIC has released its third publication on information lodged under the reportable situations regime.
The publication provides high-level insights into reporting trends from 1 July 2023 to 30 June 2024. The publication covers licensee population reporting, breach identification and investigation, root causes, consumer impact and remediation efforts.
During the period, licensees submitted 12,298 reports. Of these, 79% had a financial and/or non-financial impact on customers.
As at 30 June 2024, licensees reported paying around $92.1 million in compensation to approximately 494,000 customers for breaches during the reporting period.
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Report 800 Insights from the reportable situations regime: July 2023 to June 2024
Background
The reportable situations regime, often referred to as breach reporting, is a cornerstone of the financial services and credit regulatory regimes, and the reports lodged by licensees are a critical source of regulatory intelligence for ASIC. For more information, see Reportable situations for AFS and credit licensees.
The regime requires ASIC to report annually on the information lodged by licensees. Amongst other things, this publication is intended to assist industry and customers identify where significant breaches are occurring.
ASIC is Australia's corporate, markets and financial services regulator.
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