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ARTICLE · 14 DECEMBER 2020

New Breach Reporting Regime for financial services licensees: As simple as assembling a springless trampoline

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ASIC continues to escalate administrative, civil and criminal action, whilst dropping some regulatory tools.

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After browsing the recently-tabled 153-page Financial Sector Reform Bill, I was struck by the irony of Hayne's comments in his Interim Report:

Should the existing law be administered or enforced differently? Is different enforcement what is needed to have entities apply basic standards of fairness and honesty: by obeying the law; not misleading or deceiving; acting fairly; providing services that are fit for purpose; delivering services with reasonable care and skill; and, when acting for another, acting in the best interests of that other? The basic ideas are very simple. Should the law be simplified to reflect those ideas better?

It seems the answer is a resounding yes to the first question, and no to the last:

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