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ARTICLE · 29 APRIL 2022

Reporting complaints data to ASIC – Requirements finalised and commence in 2023

Sophie Grace Pty Ltd
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New IDR reporting requirements satisfy Recommendation 8 of the Ramsay Review into financial services dispute resolution.

AustraliaFinance and Banking
Hannah Murray
Hannah Murray
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ASIC has released details of the new mandatory complaints reporting requirements that will come into effect from 2023. Since October 2021, financial firms have had an obligation to record all information regarding complaints, in significantly expanded dispute resolution regime.

Background

ASIC has released new internal dispute resolution (IDR) reporting requirements to satisfy Recommendation 8 of the Ramsay Review into financial services dispute resolution. The Ramsay review was released in 2017 and recommended that financial institutions be required to report on their IDR activity to ASIC. Since the release of the review, ASIC has implemented several reporting requirements in RG 271. These new obligations to be implemented will intensify the already existing reporting requirements.

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