ASIC has issued revised Regulatory Guide 165 Licensing: internal and external dispute resolution (RG 165) which sets out additional obligations which apply to bodies which make (or buy) loans or leases and repackage them as investment products to sell to investors (securitisation bodies): see RG 165.23–RG 165.30.
The guide sets out the IDR requirements for credit licensees which act as mortgage managers for securitisation bodies.
The IDR procedures of the credit licensee are required to cover:
(a) disputes that relate to the credit activities they engage in when they act on behalf of the securitisation body; and
(b) disputes about the conduct of the securitisation body (including disputes seeking to change the credit contract, for example, on hardship grounds or because the contract was unjust or ‘unsuitable’).