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ARTICLE · 25 NOVEMBER 2017

Proposed Internal Dispute Resolution (IDR) reporting requirements to ASIC

Holley Nethercote
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The Australian Financial Complaints Authority becomes a 'one stop shop' for the resolution of all financial complaints.

AustraliaFinance and Banking
Zoe Higgins
Zoe Higgins
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Since the Ramsay Review commenced in 2016, there has been significant progress toward a new framework for External Dispute Resolution (EDR) in Australia. The new framework will include the establishment of the Australian Financial Complaints Authority (AFCA), which will become a 'one stop shop' for the resolution of financial complaints.

The overhaul of the EDR landscape is not breaking news. However, EDR is not the only part of the existing dispute resolution framework that may change.

The Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Bill 2017 deals not only with a number of matters relevant to the establishment of AFCA, but also proposes an enhanced Internal Dispute Resolution (IDR) framework.

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