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The IDR Handbook

Friday 17 June 2022

 
Soon of the GRC Professional Podcast the  GRC Institute Strategic Engagement Consultant Carole Ferguson will be talking about final Internal Dispute Resolution (IDR) Data reporting requirements that are meant to kick in next year.

When the final draft of IDR data reporting requirements was published the Australian Securities and Investments Commission deputy Chair Karen Chester said in an official statement, “ASIC collecting and ultimately publishing system wide IDR data is a consumer centric milestone.”

Chester continued, “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.”

For regulated entities it is about meeting the consumer centric expectations and getting IDR reporting right.

ASIC  provided a list  11 licenses who have a February deadline:

  1. Commonwealth Bank of Australia
  2. Australia and New Zealand banking Group
  3. National Australia Bank Limited
  4. Westpac Banking Corporation
  5. AMP Limited
  6. Dai Ichi Life Holdings, Inc (TAL)
  7. Insignia Financial Ltd (IOOF)
  8. Cbus
  9. UniSuper
  10. Retail Employees Superannuation Trust
  11. AustralianSuper
The rest of the regulated entities have until August.
 
Catch up with our previous episodes that look at IDR requirements before the
handbook was published. 
 
Previous Episodes