Date: 14 April 2025
Source: Australian Securities & Investments Commission (ASIC)

Abstract:

The Australian Securities and Investments Commission (ASIC) has released a consultation paper, CP 383: Reportable situations and internal dispute resolution data publication, outlining its proposal to publish firm-level data on compliance breaches and consumer complaints. This initiative is aimed at enhancing transparency, accountability, and consumer outcomes across the financial services sector.

ASIC proposes launching two public dashboards in the second half of 2025. One will display data on Reportable Situations (RS), and the other will cover Internal Dispute Resolution (IDR) complaints, with both datasets presented at the level of individual firms. ASIC intends to use its legislative powers to publish this information, building on its prior publication of high-level thematic insights.

ASIC Commissioner Alan Kirkland stated that the initiative is designed to boost transparency and performance across the sector, by placing information in the hands of consumers and investors and encouraging firms to improve their compliance practices. The dashboards will help consumers make more informed decisions and encourage firms to enhance their behaviour, aligning with ASIC’s broader strategic commitment to better consumer outcomes...