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Internal Dispute Resolution Data Requirements
In 2023, ASIC regulated entities will have to comply with internal dispute resolution data reporting framework which laid in the final document published this week.
The Australian Securities and Investments Commission (ASIC) Deputy Karen Chester said in a formal statement this week, “The data will give greater and public visibility of where harms may be occurring, across the financial system and down to the firm level. It will also elevate ASIC’s ability to be a data driven regulator. Ultimately, we all want to see consumers benefit when firms use this data to benchmark, even compete on, their IDR performance and to improve the way they respond to consumer complaints in practice.”
By August 2023 all ASIC regulated entities are expected to be the following the guide.
This week ASIC Chair Joe Longo talked about legacy of Professor Ian Ramsey that the main tenets of ‘Ramsey review ‘ 2016:
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to establish a single external dispute resolution (EDR) body for financial services and superannuation complaints, to be known as the Australian Financial Complaints Authority (AFCA), and
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to introduce reforms to improve the transparency and accountability of financial services firms’ responses to consumer complaints and their approach to internal dispute resolution (IDR).
Longo said, “Lifting the quality and transparency of complaints handling at the internal dispute resolution stage and having a single, fair and effective EDR scheme in AFCA, has real world impacts on consumers and their level of trust and confidence in the financial system – knowing that there are robust and effective processes in place to respond to complaints when things go wrong.”
RG 271 Internal Dispute Resolution guide came into effect last October and the securities and investments regulator advised that it should be read in conjunction with RG 267 Oversight the of the Australian Financial Complaints Authority.
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