REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation
Released 25 September 2018
This report sets out the findings of our review of Australian financial services (AFS) licensees' compliance with their breach reporting obligation under s912D of the Corporations Act 2001.
The purpose of this review was to consider selected financial services groups, covering all their AFS licensees. Depending on the groups' diversity, these licensees provided services such as banking, superannuation, investment management, insurance, and financial advice.
The review also examined whether:
- their breach reporting is adequate and effective
- they comply with the breach reporting obligation, and
- they demonstrate elements of a sound breach-reporting culture.
Based on the findings, the report also provides 'what good looks like' to help AFS licensees improve their compliance measures and ensure they comply with the breach reporting obligation.