Regulatory Alerts2020-07-30 | RG-271RG 271 Internal dispute resolution
The Australian Securities and Investments Commission issued Regulatory Guide 271 to specify the enforceable standards and requirements for internal dispute resolution systems. The guide applies to a broad range of financial entities including AFS licensees, credit licensees, and superannuation trustees, mandating that their IDR processes meet ASIC's compliance criteria. It further requires most covered firms to report IDR data to the regulator and references relevant complaint management standards.
Issued 2 September 2021
This guide is for Australian financial services (AFS) licensees, unlicensed product issuers, unlicensed secondary sellers, trustees of regulated superannuation funds (other than self-managed superannuation funds (SMSFs)), trustees of approved deposit funds, retirement savings account providers, Australian credit licensees (credit licensees) and unlicensed carried over instrument lenders (unlicensed COI lenders).
The standards and requirements highlighted in this guide are enforceable.
It explains what these financial firms must do to have an internal dispute resolution (IDR) system in place that meets ASIC’s standards and requirements.
This guide should be read in conjunction with Regulatory Guide 267
Oversight of the Australian Financial Complaints Authority (RG 267).
Most financial firms with IDR obligations under RG 271 will also need to report IDR data to ASIC .
Note: This guide refers to the Australian/New Zealand Standard AS/NZS 10002:2014 Guidelines for complaint management in organizations . The 2014 Standard was revised and reissued as Australian Standard AS 10002:2022 Guidelines for complaint management in organizations . Both Standards are available from the Standards Australia website .
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Download the guide (PDF 701 KB)
Download the regulation impact statement (PDF 357 KB)