ASIC to Name Financial Licensees in New Breach Transparency Initiative
ASIC to Name Financial Licensees in New Breach Transparency Initiative
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Australian Securities and Investments Commission (ASIC) has proposed a new regulatory framework aimed at increasing transparency in the financial industry by identifying financial planning licensees who report breaches.
Revealed in a consultation paper, CP 383, this proposal would see ASIC start publishing Reportable Situations (RS) and Internal Dispute Resolution (IDR) data at both firm and industry levels, including the names and licence numbers of the offending companies.
This move marks a significant departure from ASIC's current practice of only publishing industry-level data, which omits individual firm details. Notably, the proposed dashboards will exclude personal information for licensees who are individuals, ensuring privacy is maintained.
ASIC's consultation paper outlines several key data elements it plans to share, including detailed information about licensees, the volume and nature of reported breaches, the extent and impact of these breaches, and subsequent remediation and rectification efforts. Additionally, the paper focuses on the licensees' investigative and reporting practices.
The primary objective behind this initiative is to enhance accountability and transparency within the financial sector. By making this data public, ASIC aims to incentivize improved behaviors and performance amongst financial services providers. It also intends to help both firms and consumers identify systemic issues characterized by significant breach volumes and recurring IDR complaints, providing a clearer focus for compliance efforts and improving consumer outcomes.
According to ASIC Commissioner Alan Kirkland, the public release of the proposed dashboard would significantly boost transparency, encouraging firms to bolster their performance. It will also offer consumers and investors a more accessible means to engage with firm-level data, promoting more informed decision-making and participation within the financial system.
The proposals detailed in CP 383 mark a pivotal step in ASIC's ongoing commitment to fostering a more transparent and accountable financial sector, with anticipated benefits not just for industry compliance but also for consumer trust and safety.
The Clean Energy Finance Corporation (CEFC) has announced a partnership with Hyundai Capital Australia (HCAU) to offer discounted financing options for eligible Hyundai and Kia electric vehicles (EVs). This initiative aims to reduce the upfront costs associated with EV ownership, making it more accessible for Australian households and small businesses. - read more
The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that raise concerns about consumer protection and responsible lending practices. - read more
The Australian automotive market is witnessing a notable increase in the sales of used hybrid vehicles, indicating a growing consumer preference for sustainable yet practical transportation options. - read more
The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant concerns regarding lending practices. This examination has highlighted issues such as exorbitant establishment fees and a troubling rate of early loan defaults, raising questions about the adequacy of current lending standards. - read more
In a significant development within Australia's auto finance sector, non-bank lender MONEYME has successfully priced a $455.4 million asset-backed securitisation (ABS) for its secured car loan product, Autopay. This transaction marks the company's second major auto bond deal, following a $517.5 million transaction earlier in the financial year, underscoring MONEYME's rapid expansion and growing influence in the market. - read more
In a significant move to promote the adoption of electric vehicles (EVs) among Australian consumers, the federal government has announced a new loan scheme designed to make EVs more accessible and affordable. This initiative aims to reduce the financial barriers associated with purchasing electric cars, thereby encouraging a shift towards more sustainable transportation options. - read more
The Australian Automotive Dealer Association (AADA), in collaboration with AutoGrab, has released the November 2025 Automotive Insights Report (AIR), revealing a significant downturn in the used car market as the year concludes. - read more
The cost of buying a car is a major financial commitment, so it's important to consider all of your options before making a purchase. In this article, we look at some of the pros and cons of the most common car financing options, including leasing, hire purchase and paying cash, and what difference it makes whether you are buying a new or used vehicle. - read more
Welcome to the guide designed to help you navigate the intricate world of credit scores and their impact on your car loan possibilities in Australia. Whether you're a long-term resident or here for a temporary stay, understanding the nuts and bolts of credit scores is crucial in securing your ideal vehicle through a loan. This post aims to shed light on this pivotal financial metric and aid you in your car financing journey. - read more
Car financing has become increasingly popular among Australians for a variety of reasons. For many, it offers the opportunity to own a vehicle without having to pay the entire purchase price upfront. - read more
If you're in the market for a new car, you may be wondering if you can get a loan with poor credit. The answer is yes, but it's important to understand the impact that your credit history can have on the loan process. - read more
For many Australians, a car is more than just a means of transportation; it's a symbol of freedom, a tool for exploration, and often, a reflection of personal style. With the auto market continually evolving, staying abreast of current trends is key for car buyers looking to upgrade. New models with advanced technology, improved fuel efficiency, and enhanced safety features enter the market each year, making the prospect of upgrading increasingly appealing. - read more
Buying a new vehicle is an exciting experience, but finding budget-friendly car insurance can often feel overwhelming. Understanding how to navigate the landscape of car insurance is crucial to ensuring you get the best deal possible. - read more
Qualifying for a car loan isn't all that difficult. There are a few key things that lenders will look at when considering your application, including your income, credit history/existing loans, employment, age, and residency atatus. As long as you have a good understanding of these factors, you’ll be in a much better position to qualify for a car loan. Keep reading to learn everything you need to know about qualifying for a car loan! - read more
Start Here !
All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Asset Allocation: An investment strategy that aims to balance risk and reward by apportioning a portfolio's assets according to an individual's goals, risk tolerance, and investment horizon.