ASIC's latest report reveals lingering concerns in reportable situations regime

In a recent publication, ASIC unveiled its second report on the Reportable Situations Regime (Regime), titled "Insights from the reportable situations regime: July 2022 to June 2023" (REP 775). This report sheds light on the trends and observations gathered from breach reports submitted by AFS and credit licensees between 1 July 2022, and 30 July 2023.

Despite the implementation of the Regime over 2 years ago, ASIC's latest report reveals that many of the concerns previously identified persist. The report highlights several key areas where licensees continue to fall short:

• Prolonged breach identification: In 17% of reported breaches, licensees took over a year to identify and initiate investigations. Delays in identifying and investigating breaches can hinder timely remediation and exacerbate the consequences for affected consumers.