ASICs internal dispute resolution review – what were their findings?

After almost 12 months of the new internal dispute resolution (IDR) regime being in force, ASIC has conducted a review and has released its findings which should be taken on board by all AFSL and ACL holders. Although the review was only in relation to whether retail superannuation trustees are complying with the new obligations, there are take-aways for everyone.

What did ASIC find?

1. Not all client complaints were recorded.

Under ASIC RG 271 Internal Dispute Resolution (RG 271), licence holders are required to record the details of all complaints received. Licence holders should ensure that they:

• have a system in place that allows them to record and keep track of the progress of each complaint; and