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<\/a>ASIC Deputy Chair, Karen Chester<\/strong>, says the ability for licensee firms to provide batch uploading \u201c\u2026will significantly reduce the reporting burden for licensees.\u201d<\/p>\n The regulator notes it has also responded to industry feedback by incorporating an additional 15 working examples in its guidance.<\/p>\n In a statement accompanying the release of its regulatory guidance, ASIC notes these breach reporting reforms are intended to address long-standing concerns about breach reporting by making the reporting consistent, clearer and timely across the industry:<\/p>\n \u201cASIC analysis in 2018 revealed it took more than four years (on average) for large financial institutions to identify incidents that proved to be significant breaches. Today\u2019s remediation tally reveals how much consumer harm these delays caused, and ultimately at great cost to those firms,\u201d Chester says.<\/p>\n She adds the new obligations \u201c\u2026will help firms identify and act swiftly on the breaches that matter, making sure they get the attention they deserve. Licensees and boards will have greater confidence they are doing the right thing by consumers, and ultimately their firm and shareholders.\u201d<\/p>\n ASIC has also published INFO 259 which sets out actions that must be taken by licensees to notify affected customers of a breach of the law, investigate the breach and remediate impacted customers. It says this implements a new obligation that applies to licensees of financial advisers and mortgage brokers in certain situations.<\/p>\n …we will take a reasonable approach in the initial stages of these new obligations…<\/p><\/blockquote>\n