ASIC has published Report 693 Response to submissions on ASIC’s internal dispute resolution data consultations in order to give more than 10,000 financial services licensees and credit licensees information about ASIC’s requirements for their collection and reporting of complaints data to ASIC from 5 October 2021. Background.
ASIC’s report says:
- ASIC expects firms to report on all complaints received to ASIC, regardless of how quickly or where in a firm they are resolved. This will ensure firms are reporting a complete picture of all complaints received. It will allow for meaningful analysis of an individual firm’s complaints performance and for comparison between firms.
- It will require firms to report 16 data elements for each complaint.
- Given the diversity of reporting firms, ASIC’s data dictionary cannot perfectly align to the complaints data that individual firms may currently collect about complaints. However, ASIC has drafted the categories capturing complaint issues, products and services at a high level, so that they can effectively be mapped to firms’ own reporting fields.
- Financial firms only need to be able to record against products and services that they actually provide. Financial firms with smaller numbers of products will only need to record against particular sections of the data dictionary.
- While ASIC has generally kept the data dictionary aligned to AFCA’s, ASIC has departed from AFCA’s approach by including more complaint issue categories covering simple service-related complaints. These types of complaints are very common at IDR, although they rarely escalate to AFCA.
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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.