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ARTICLE · 18 APRIL 2022

ASIC releases internal dispute resolution (IDR) data reporting requirements

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The Instrument specifies what AFS licensees must provide to ASIC relating to their IDR procedures and operation.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
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On 30 March 2022, the ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 (Instrument) was registered, pursuant to section 912A(2A) of the Corporations Act 2001. The Instrument specifies the information that financial services licensees must provide to ASIC relating to their internal dispute resolution (IDR) procedures and operation.

ASIC also released its IDR data reporting handbook to assist licensees comply with the IDR reporting requirements. The IDR data reporting handbook sets out an overview of the data reporting process, provides instructions on how to submit IDR data to ASIC, and includes the IDR data glossary and data dictionary (which identify the particular data entry codes and inputs to use, and instructions on how to classify complaints).

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