Insurers and brokers notified the Australian Securities and Investments Commission (ASIC) of 37 significant Australian financial services licence breaches in the first half.

They accounted for 14% of all such notifications, according to the regulator’s enforcement report. 

More than half came from planners, advisers and stockbrokers.

Suncorp has improved compliance across its general and life insurance operations following an independent review of its systems, as requested by ASIC.

The regulator says it will work constructively with companies that act promptly and appropriately in reporting breaches.

Amid significant reforms to the financial services industry, many companies are revising their operational focus and consolidating systems, it notes.

“We understand that they may uncover problems with older products or processes that need rectification, whether or not the problem technically stems from a clear breach,” ASIC says.