Print It will be virtually impossible for small financial planning firms to comply with the new breach reporting regime proposed to be imposed on the industry via the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Regulations 2021: Breach Reporting legislation, according to the Association of Financial Advisers (AFA). What is more, the AFA has cited member feedback which suggests that four breaches reported by a licensee in 2020 could be escalated to as many as 198 under the new regime. In a submission filed with the Treasury, the AFA has strongly complained that the breach reporting measures contained in the legislation go well beyond what was proposed in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.