Strengthening breach reporting

12 days left to have your say
Date
-
Consultation Type
Exposure Draft

Key Documents

The Government is today releasing exposure draft legislation for public comment which implements recommendations 1.6, 2.7, 2.8, 2.9 and 7.2 of the Royal Commission.

  • Recommendations 2.8 and 7.2 will strengthen breach reporting requirements for Australian financial services licensees.
  • Recommendation 2.7 will establish a compulsory scheme for checking references for prospective financial advisers. This is modelled on the existing ABA Reference Checking Protocol.
  • Recommendation 2.9 will require Australian financial services licensees to investigate misconduct by financial advisers and appropriately remediate clients affected by the misconduct.
  • Recommendation 1.6 will apply the new obligations under recommendations 2.7, 2.8, 2.9 and 7.2 to Australian credit licensees in relation to conduct by mortgage brokers. This will also introduce breach reporting requirements for Australian credit licensees more generally.

Responding

You can submit responses to this consultation up until 28 February 2020. Interested parties are invited to comment on this consultation. You may make one submission across open consultations. In doing so, please make clear which measures your submission relates to. 

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. All submissions (whether or not made public) will also be provided to ASIC and/or APRA unless you otherwise indicate. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

FSRCconsultations@treasury.gov.au

Post

Address written submissions to:

Senior Adviser
Consumer and Corporations Policy Division
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: FSRCconsultations@treasury.gov.au
Phone: Jodi Keall +61 2 6263 2111