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Showing 1 - 10 of 17 results for "Reportable Situations Regime"

Mercer Super fined $10.3m for reportable situations failures

KARREN VERGARA  |  MONDAY, 29 JUN 2026
... Mercer Superannuation Australia will pay a $10.3 million penalty after it admitted to breaching the Reportable Situations Regime on several occasions, which the Federal Court found could have had the "potential to have a detrimental effect on members." ...

ASIC, APRA outline regulatory reform opportunities

ELIZA BAVIN  |  FRIDAY, 5 SEP 2025
... most promising areas for specific law reform are in relation to more substantially simplifying the reportable situations regime to reduce burden and improving substantial holding notices to make them less difficult to navigate," Longo said. "We are already ...

ASIC culls red tape, sets sights on more

ELIZA BAVIN  |  WEDNESDAY, 3 SEP 2025
... working closely with Treasury to explore broader opportunities for reform. The paper highlighted the reportable situations regime and substantial holding notices as two key reforms that it is discussing with Treasury. "The reportable situations regime ...

Mercer Super sued over 'longstanding and systemic' failures

JAMIE WILLIAMSON  |  THURSDAY, 14 AUG 2025
... investigations at all, while another was reported more than a year later than it should have been. Under the Reportable Situations Regime, all AFSL holders must notify ASIC of a reportable situation - in this instance, a significant breach of 'core ...

Licensee compliance head banned over fees for no service

MATTHEW WAI  |  WEDNESDAY, 9 JUL 2025
... services licence (AFSL) was cancelled after the group was placed into voluntary administration. The reportable situations regime requires licensees to notify ASIC of reportable situations. ASIC published its Regulatory Guide 78 Breach reporting by AFSL ...

ASIC releases new relief for reportable situations regime

KARREN VERGARA  |  MONDAY, 30 JUN 2025
ASIC has provided AFSLs new reliefs to help them manage the reportable situations regime, which includes extending the length of investigations reportable from 30 days to 60 days. Also in the relief, ASIC is exempting the reporting of certain breaches ...

ASIC blasts managed funds' poor compliance plans

KARREN VERGARA  |  MONDAY, 2 JUN 2025
... falling short of their obligations to adequately address design and distribution obligations (DDO), the reportable situations regime and internal dispute resolution processes and reporting (IDR), an ASIC review found, warning that such inadequate compliance ...

ASIC asks for input on reportable situations, IDR dashboards

JAMIE WILLIAMSON  |  THURSDAY, 10 APR 2025
... technical problems (10%). Also in December, ASIC said licensees have some way to go in complying with the reportable situations regime. Reviewing the compliance arrangements of 14 licensees that had few or no situations reported between October 2021 ...

ASIC proposes further breach reporting relief

ANDREW MCKEAN  |  WEDNESDAY, 19 FEB 2025
... financial loss. The relief is intended to ease the compliance load on financial services firms under the reportable situations regime, which requires a prompt identification, fixing, and reporting of potential misconduct. "ASIC's proposed additional ...

More work to do on reportable situations compliance, ASIC says

JAMIE WILLIAMSON  |  WEDNESDAY, 4 DEC 2024
... report to ASIC because of deficient internal processes and poor monitoring of compliance with the reportable situations regime, a review found. Recent surveillance by ASIC found financial services and credit licensees have some way to go in ensuring ...
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