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.

If your organisation holds an Australian Financial Services (AFS) licence or a Credit Licence, it has a responsibility to notify regulators when it has breached certain regulatory obligations. This self-reporting requirement contributes to sustaining the integrity of the Australian financial system, and supports the work of the regulator.

Banks, insurers, and superannuation funds may have additional breach reporting obligations under APRA prudential standards.

About our online compliance training

Our Breach Reporting module is part of a suite of engaging compliance training designed to meet regulatory compliance and conduct requirements.

In this module, you’ll learn about the types of incidents that are considered to be a ‘breach’, and the features that make a breach reportable.

The relevant laws and regulations governing these requirements are:

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)

Program Content

  • What is a breach?
  • Identifying a reportable breach
  • How to report a breach
  • Additional breach obligations for APRA-regulated entities (Optional Topic)

Learning Outcomes

  • Describe the importance of breach reporting
  • Identify reportable situations
  • Describe the characteristics of a significant breach
  • Outline the steps a team member needs to take to report on a breach.

What you will learn

Who is this course for?

  • All financial representatives must be trained to adhere to financial services-specific regulation and industry codes with respect to conduct.

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

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A simple enterprise-wide solution for a complex world of regulation.

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Frequently Asked Questions

The team at FEP understands that effective compliance training is not just about delivering regulatory content; it's about creating learning that is engaging, relevant and impactful for organisations and their employees. We design training experiences that resonate with individuals, ensuring they gain practical knowledge and skills that are immediately applicable to their roles.
Our general corporate compliance training contains a suite of engaging online modules designed to make employees aware of their responsibilities and feel empowered to uphold the conduct and regulatory standards applicable to their organisation. A general compliance module – refers to a corporate e-learning course designed to meet specified organisational, legislative and/or conduct requirements.  
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.