The Australian Securities and Investments Commission is taking significant steps towards increasing transparency and accountability within the financial sector.
Scheduled for the second half of 2025, ASIC aims to introduce two dashboards that will provide detailed firm-level data on reportable situations (RS) and internal dispute resolution (IDR).
This move, outlined in their consultation paper CP 383, marks a progressive step beyond the high-level insight reports previously released by the regulator.
ASIC Commissioner Alan Kirkland (pictured) emphasised the potential benefits of these dashboards.
“Publishing reportable situations and internal dispute resolution data will encourage firms to lift their game,” Kirkland said. “It also provides consumers and investors access to this data at firm level, further encouraging confident and informed participation in the financial system.”
This initiative is expected to not only foster improved corporate behaviours but also enhance consumer outcomes, which is one of ASIC’s strategic priorities.
The proposed publication of these dashboards is intended to:
ASIC, which welcomed a new CEO in March, is currently inviting feedback on the proposals detailed in CP 383.
This consultation process is critical as it helps ASIC refine their approach and consider alternative strategies based on stakeholder input.
Kirkland encourages active participation.
“We encourage stakeholders to respond to the key questions in our consultation paper,” he said. “Your engagement will help ASIC assess the full impact of our data publication proposals and consider any alternative approaches.”
Stakeholders are invited to submit their feedback by the end of the business day on May 14.
Responses can be sent either by post to the Australian Securities and Investments Commission in Melbourne or via email to [email protected].
Feedback should be provided using the structured format outlined in Appendix B of CP 383, available in a separate attachment within the consultation paper.
Under the RS regime, Australian financial services (AFS) and credit licensees must report compliance breaches to ASIC, which then publishes information annually about these reports and the entities involved.
Similarly, the IDR regime mandates certain financial firms to report all received complaints through their IDR processes, with ASIC empowered to publish this information at the firm level.
These initiatives align with ASIC’s Corporate Plan for 2024-25, which includes commitments to publish these data sets as part of their ongoing efforts to improve consumer outcomes in the financial industry.
