ASIC has released the final mandatory requirements for the internal dispute resolution (IDR) data reporting framework in the IDR data reporting handbook authorised by ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205.
Since 5 October 2021, financial firms have been required to record all complaints received and have an effective system for recording information about complaints (see Regulatory Guide 271 Internal dispute resolution (RG 271)).
The requirements will be implemented in 2023 starting with a group of 11 large financial firms that will have to report IDR data to ASIC for the first time by 28 February 2023.
The remainder of the approximately 10,500 financial firms will join the framework and be required to report IDR data to ASIC by 31 August 2023.
ASIC will begin publishing IDR data once all financial firms have commenced reporting after 31 August 2023.
The first report will cover all complaints received by financial firms during the period between 1 January and 30 June 2023.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.