The corporate regulator has detailed plans to publish company-level breach and complaints data to encourage businesses to “lift their game”.

The Australian Securities and Investments Commission is consulting on proposals to publish two dashboards later this year featuring information on reportable situations and internal dispute resolution. 

Commissioner Alan Kirkland says the dashboards will increase transparency, drive improved performance and help deliver better outcomes.

“It also provides consumers and investors access to this data at firm level, further encouraging confident and informed participation in the financial system,” he said.

Australian financial services licensees must notify ASIC of compliance breaches under the reportable situations regime, and most must also provide internal dispute resolution data every six months.

Last year, ASIC published high-level overviews and has indicated it will move to detailed reporting.

A consultation paper released today confirms it plans to name companies in the data, which would be published annually for reportable situations and twice a year for disputes.

Breach details that may feature include the nature of the issue; number of customers affected and estimated financial losses; time taken to identify problems and start investigations; compensation; and measures to prevent similar incidents happening again.

In the dispute data, it is considering publishing details of the product or service; complainant demographic factors, which “may or may not be presented at firm level”; and details on timings, outcomes and monetary remedies.

Contextual statements provided with the data may include that many reports or complaints for a company does not necessarily suggest a higher incidence of non-compliance or consumer dissatisfaction but could reflect stronger compliance systems  

Comments on the consultation paper are due by May 14 and publication of the dashboards is expected to begin from the September-December period.

The paper is available here.