Outcomes from recent SRCC meetings (News)

Licence revocation – Colonial Services Pty Limited and Commonwealth Securities Limited

The SRCC agreed to requests from Colonial Services Pty Limited and Commonwealth Securities Limited to revoke the respective self-insurance licences from 30 June 2023.

Update to Licence Compliance and Performance Model

At the meeting, the SRCC agreed to update its regulatory performance model, the Licence Compliance and Performance Model, to give effect to endorsed revised performance measures. The changes are administrative in nature, and do not affect the SRCC's regulatory approach.

In addition, the SRCC agreed to revised Licensee Key Performance Indicator (LKPI) Specifications, to support the revised performance measures. This required updates to the following existing documents:

• Licensee Key Performance Indicator Specifications; and
• Licensee Key Performance Indicator Target Setting Methodology