State of Financial Services Breach Reporting in Australia
Insights from the first 6 months of the new AFSL & ACL regime.
Lawcadia and Gadens are pleased to present the results of the inaugural State of Financial Services Breaching Reporting in Australia. The first of its kind in Australia, the statistics and insights gathered in this report address what has become a significant pain point in the financial services industry.
AFSL and ACL holders are required to self-report noncompliance of laws to ASIC and are subject to civil and criminal penalties if they do not. Of course, depending on the matters reported, they are subject to legal proceedings, licence changes, reputational issues, and individual consequences when they do.
This report is a culmination of a combined passion and desire to advocate for the financial services industry, who have faced significant challenges to meet enhanced breach reporting obligations since they came into effect on 1 October 2021.
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