At the recent the Professional Planner Licensee Summit, ASIC Commissioner Alan Kirkland outlined that the regulator has been warning all licensees for the past two years that they must lift their game in respect to breach reporting, and “my message today is that we’re not going to spend the next two years doing the same”.

Small Licensees Not Reporting

ASIC notes, that to date, small licensees have been absent in breach reporting.

“It’s now been in effect for almost three years but the proportion of licensees that have submitted a report is very low and that suggests that some may still not be complying with their obligations.

“That’s one of the reasons we have made it an enforcement priority for 2024 [and] our surveillance on this topic remains active and ongoing.”

Breaches Are Par For The Course

When running a financial advice business, it is expected that breaches and incidents will occur. Nobody is perfect and breaches and incidents will happen.

For IIP, it is about building a culture of reporting. Even if you are unsure if the incident may or may not be a reportable situation, it needs to be normal business practice to report the incident to your compliance manager

How Do I Report A Breach or Incident?

Reporting a breach or incident is easy.

In your iComply2 Compliance Hub, you can create a new breach. Watch the video above for more instructions. Once you have submitted the breach, your Compliance Manager will receive a notification and Breach Report for assessment.

Where Can I Find More Info?

For more info on ASIC Breach Reporting Regime, you can refer to ASIC RG78:

RG 78 Breach reporting by AFS licensees and credit licensees | ASIC

You can also refer to the latest version of the IIP Breach Reporting Policy for information on how IIP handles breaches. You can access the Breach Reporting Policy in your Compliance Hub,