ASIC Consults on Plan to Increase Visibility of Firms’ Breach and Complaints Data

The Australian Securities and Investments Commission (ASIC) is proposing to publish firm-level data on Reportable Situations (RS) and Internal Dispute Resolution (IDR) to enhance transparency and accountability within the financial services sector.

This initiative aims to encourage better compliance and improve consumer outcomes by making information about significant breaches and complaints more accessible.  

Under the proposal, ASIC will exercise its legislative powers to publish the firm-level data reported to ASIC, this data would be available to consumers and investors to encourage confident and informed participation in the financial system.

ASIC plans to release two interactive dashboards in the latter half of 2025. These dashboards will display data reported to them by Australian financial services (AFS) and credit licensees regarding compliance breaches (RS) and complaints handled through their IDR processes. The publication of this data is intended to:  

• Enhance transparency and accountability, thereby encouraging improved behaviour and increasing confidence in the financial system. 
• Highlight areas with significant concentrations of breaches and complaints. 
• Enable firms to target improvements in compliance outcomes, consumer outcomes, and overall performance.  

ASIC is seeking feedback from stakeholders on the proposed approach, including the presentation, scope, and specific data elements to be published.

For more information visit the ASIC website.