ASIC has registered the ASIC Corporations (Amendment) Instrument 2023/282 which amends the
ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 to defer the reporting obligation for smaller affected financial firms by six months. Background.

Complaints handling requirements

The Instrument extends the staged approach to implementation of the IDR obligations to three tranches: the first tranche firms having already commenced reporting, the second tranche firms will commence reporting for the period ending 30 June 2023, and all other firms to commence reporting for the period ending 31 December 2023.

Item 10 of the Schedule to the instrument adds to the end of ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 a new Schedule 1, which identifies the financial firms that are second tranche firms.

Item 8 of the Schedule to the instrument inserts after subsection 5(2) of the ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 two additional subsections that provide for financial firms to notify ASIC if they have no complaints to report for a reporting period and that this is
to be provided within two months after the end of the reporting period.

Item 1 of the Schedule to the instrument amends section 4 of the ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 replacing the definition of ‘closed’ to clarify that it relates to complaints received by financial firms and does not include complaints that were subsequently reopened by the financial firm and remain open at the time.

Other changes further clarify reporting obligations.

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