Business
ASIC warns against the use of cheques for compensation – The Australian Financial Review
The regulator says companies “must not profit” from their failures and must find a way of reuniting dudded customers with their money.
We want firms to get on with the job of doing fair and efficient remediations in line with their legal obligations, Ms Chester said.
Among the proposed changes to its regulatory guide, ASIC has recommended scrapping the current seven-year time frame which the regulator expects as a minimum for companies to comb over prior to the point at which the breach was discovered
“Remediation should begin on the date a licensee reasonably suspects the failure first caused loss to a consumer,” ASIC said.
The…
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