“I think that the breach reporting is going to lead to an exponential growth in the number of breaches being reported because the advice that I’m getting is that they’ve cast the net pretty wide,” Mr Ardino said.

“But that’s something ASIC will have to deal with and licensees will have to just have good processes in place to make sure that they can comply with those.

“It’s a lot in an environment where everybody is still trying to absorb the changes with annual consent and fee disclosure statement.”

It comes after ASIC commissioner Danielle Press conceded that the regulator is aware that the reforms, which also include a new reference-checking regime to vet potential advisers, are complex and said that the industry is “struggling to get their heads around some of it”.

Mr Ardino rebutted that it would have helped the industry if the regulations were spread out over a six-to-12-month period rather than within the one week.

“Given everything else that we’ve had to deal with this year so far, it is a lot,” he continued.

“ASIC has come out with a statement to say… ‘We’ll take a facilitative approach’, which is good, but nobody wants to rely on that.

“Everybody wants to be ready, and when you’re preparing in for legislative changes, perhaps you’re not doing other things. So, it’s a lot to deal with.”

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