From financialnewswire.com.au: ASIC has proposed changes to the breach reporting regime to relieve financial services licensees from reporting minor breaches that have been rectified within 30 days and affect no more than five consumers, with financial losses capped at $500.

This move comes after substantial criticism of the existing regime, established in response to the Royal Commission, which has imposed significant costs on the sector.

The Financial Services Council has urged the government to ensure further regulatory simplification to enhance productivity in the industry.