The RS dashboard offers granular information on various aspects of reported breaches, including their volume and nature, the impact on customers, the processes of investigation and rectification, and the measures taken for customer compensation and remediation. By making this data publicly accessible, ASIC seeks to encourage better compliance and reporting practices among licensees.
This development is particularly relevant for consumers who have faced challenges in comparing financial products and understanding eligibility criteria. The dashboard serves as a resource for individuals and small business owners to assess the reliability and integrity of financial service providers.
ASIC's commitment to transparency is evident in its consultation process for the RS dashboard. Between April and May 2025, ASIC sought feedback on its proposed approach, receiving 47 submissions. The final approach, published in September 2025, reflects the insights gathered during this consultation period.
For consumers, the RS dashboard represents a step forward in ensuring that financial service providers adhere to legal standards and act in the best interests of their clients. It empowers individuals to make informed decisions by providing clear information about the compliance history of financial institutions.
In conclusion, ASIC's introduction of the Reportable Situations dashboard underscores the importance of transparency and accountability in the financial services industry. Consumers are encouraged to utilise this tool to stay informed about the practices of financial service providers and to advocate for their rights in the financial marketplace.
