The Australian Securities and Investments Commission (ASIC) has published updated internal dispute resolution (IDR) procedures that financial firms — including superannuation funds — must use to address complaints from consumers and small businesses. The measures feature in Regulatory Guide 271 internal dispute resolution and aim to improve complaints procedures and outcomes for consumers. The updated guidance will take effect on 5 Oct 2021 and, until then, the current guidance (RG 165) will apply.
ASIC confirmed that it will consult further “in the coming months” on the IDR data reporting regime and issue separate feedback in 2020. ASIC had previously postponed the issuance of guidance on data matters due to the number of issues raised in an earlier consultation on IDR data collection and recording.