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ARTICLE · 24 DECEMBER 2022

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Internal Dispute Resolution – Australian Financial Services Licensees

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RG271 outlines requirements for how AFS Licensees deal with complaints under the Internal Dispute Resolution processes.

AustraliaFinance and Banking
Alicia Pevely
Alicia Pevely
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New complaints handling requirements came into effect on 5 October 2021. Regulatory Guide 271 ("RG271") applies to all Australian Financial Services Licensees ("AFS Licensees") who deal with retail clients and outlines the requirements for how AFS Licensees deal with complaints under their Internal Dispute Resolution ("IDR") processes.

Definition of 'complaint'

AFS Licensees' IDR processes must cover disputes in relation to the financial services carried out by the AFS Licensees. RG 271 includes the definition of 'complaint' as:

"[An expression] of dissatisfaction made to or about an organization, related to its products, services, staff or the handling of a complaint, where a response or resolution is explicitly or implicitly expected or legally required."

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