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A consultation has been launched on the regulator’s plans to publish dashboards showing company breach and complaints information.
The Australian Securities and Investments Commission (ASIC) has opened a consultation on its plans to increase the visibility of companies’ breach and complaints data.
The regulator is considering publishing two dashboards containing company-level reportable situations (RS) and internal dispute resolution (IRR) data in the second half of 2025.
Currently, financial services licensees and credit licensees must report a breach (or likely breach) to ASIC under the RS scheme.
Similarly, the IRR is a mandatory process that says all financial firms must handle customer complaints fairly and efficiently before external escalation. Both RS and IRR commonly apply to brokerages.
The regulator is already required to publish information on compliance breaches lodged, including which companies the breaches relate to. ASIC also has the power to publish company-level information about complaints received.
Under the proposal, ASIC would use its legislative powers to publish data reported to it via public dashboards.
The scheme is aimed at:
- Enhancing transparency and accountability to encourage improved behaviour and increase confidence in the financial system.
- Highlighting areas of concentration of significant breaches and complaints.
- Enabling organisations to target improvements in their compliance outcomes, consumer outcomes, and firm performance.
ASIC is seeking feedback on the proposals, including on the proposed format of the data publication, and accepting any other suggestions by 14 May 2025.
ASIC commissioner Alan Kirkland said: “Publishing reportable situations and internal dispute resolution data will encourage firms to lift their game.
“It also provides consumers and investors access to this data at firm level, further encouraging confident and informed participation in the financial system.”
In previous years, ASIC published thematic reports on both breaches and complaints but has since said its plans to release more detailed information in the future.
ASIC’s Corporate Plan 2024–25 said that it will publish company-level complaints data in 2025, as well as developing a framework for the future publication of data on breaches.
Last month, ASIC was forced to defend its approach to enforcement and handling of misconduct reports in a recent review by a House of Representatives standing committee.
[Related: ASIC defends approach in parliamentary committee review]
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