ASIC initiates public consultation on IDR standards

ASIC has initiated public consultation on new standards in relation to the handling of consumer and small business complaints. The consultation covers the proposed updates to ASIC’s IDR standards (currently set out in Regulatory Guide 165 Licensing: Internal and external dispute resolution) and a proposed framework for mandatory IDR data reporting by financial firms to ASIC. Under the proposed changes to the IDR standards, financial service licensees will be required to: record all complaints, including those resolved at the first point of contact; record unique identifiers and prescribed complaints data for each complaint that is received; provide IDR data to …

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