What is remediation (and what is required)?
Errors can occur in any business, but failures that occur in financial services businesses can have a profound impact. In financial services, remediation is simply the process of fixing the errors, making good (particularly addressing any client detriment) and preventing recurrence of those errors (and the emergence of other errors).
Effectively remediating issues is good business as well as a consequence of a Licensee’s obligation to “act efficiently, honestly, and fairly”. Your approach to remediation doesn’t have to be complicated, but it needs to be considered and consistent with either ASIC Regulatory Guide 256 (for pre-09/2022 issues) or ASIC Regulatory Guide 277 (for more recent issues).