Breach Reporting

What is Breach Reporting?

Breach reporting plays a vital role in the regulation of Australia’s financial services marketplace. Breach reports allow ASIC to detect significant non-compliant behaviours early and take action where appropriate. It also allows ASIC to identify and address emerging trends of non-compliance in the industry.

In 2017, the ASIC Enforcement Review Taskforce sought to test the effectiveness of the breach reporting regime, making a number of recommendations. These included removing the ambiguity surrounding the word ‘significant’ and the timeframe for reporting.

The Financial Services Royal Commission similarly recommended changes to strengthen breach reporting. These recommendations were addressed in the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Cth). Subsequently, revised obligations relating to breach reporting requirements commenced 1 October 2021

What is RG78?

Regulatory Guide 78 is for Australian financial services (AFS) licensees and Australian credit licensees (credit licensees). It provides guidance on  obligations to report to ASIC certain breaches of the law under Div 3 of Pt 7.6 of the Corporations Act 2001 (Corporations Act) and Div 5 of Pt 2-2 of the National Consumer Credit Protection Act 2009 (National Credit Act)

About our course

While it may seem counter-intuitive, for the majority of licensees, breach reporting is not something to be feared. It can help identify gaps in compliance processes, as well as demonstrate a commitment to continuing to act according to the law.

Our online course explores the licensee’s obligation, what constitutes a breach, or likely breach, includes the process of reporting a breach, or likely breach to ASIC and looks at how senior leaders can ensure they lead from the front when it comes to encouraging their organisation’s compliance.

Breach management can also be a valuable tool for ensuring that your organisation’s current policies and procedures are effective and help it to remain compliant with its legislative and regulatory obligations.

Program Content

Learning Outcomes

What you will learn

  • What constitutes a breach, or likely breach, of a licensee’s legislative requirements
  • Characteristics that determine whether a breach, or likely breach, is significant
  • The process of recording a breach, or likely breach, in organisation records or to ASIC
  • How ASIC evaluates reported breaches and how it determines which items to investigate further
  • ASIC’s expectations regarding breach management-related conduct

Who is this course for?

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

You will be awarded a Certificate of Completion. It will be available online for you to download and print immediately.

Explore our Financial Services CPD

Our short course topics are also included in our annual subscription Financial Services CPD library.

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Frequently Asked Questions

RG 78 Breach reporting by AFS licensees and credit licensees is for Australian financial services (AFS) licensees and Australian credit licensees (credit licensees). It gives guidance on obligations to report to ASIC certain breaches of the law under Div 3 of Pt 7.6 of the Corporations Act 2001 (Corporations Act) and Div 5 of Pt 2-2 of the National Consumer Credit Protection Act 2009 (National Credit Act). If you are an Australian financial services (AFS) licensee or an Australian credit licensee (credit licensee), you must comply with your obligation to report certain breaches of the law to ASIC. Our online Breach Reporting course explores the licensee’s obligation, what constitutes a breach, or likely breach, includes the process of reporting a breach, or likely breach to ASIC and looks at how senior leaders can ensure they lead from the front when it comes to encouraging their organisation’s compliance.

Our CPD short courses are self-paced with online learning resources & on-going support.
  • You have up to 8 weeks to complete the learning and assessment requirements for your CPD short course.
  • Experienced professionals can complete in less time.

Our CPD short courses are assessed by a short open book multiple-choice exam.

You can enrol your team either:
  • Enrol online or
  • Contact us to arrange an invoice.
Talk with us to develop your team training program.

Our courses, CPD and qualifications are 100% online, so you can start anytime, anywhere.
  • Either enrol online or
  • Contact Us to arrange an invoice for EFT or AMEX payments.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.