ASIC released its new Regulatory Guide (RG 271) on complaints handling and dispute resolution standards and requirements, on 30 June 2020. The new RG 271 guide will replace the existing RG 165 guidance and will take effect on 5 October 2021.
The legislative instrument and regulatory guide contain updated requirements for how financial institutions manage consumer and small business complaints under their IDR procedures and details what these organisations must do to implement a compliant IDR system.
These developments are the result of the Hayne Financial Services Royal Commission report and will have significant implications for Australian financial services (AFS) licensees. Key standards and guidance in RG271 are enforceable provisions, demonstrating that ASIC intends to hold financial services firms accountable where they fail to deal with complaints in an appropriate manner or where they deliver poor consumer-outcomes. This means that there is substantial work to be done by members to ensure that their IDR processes and systems are updated and comply with RG 271 ahead of October.
In this webinar, AFIA Associate Member, Piper Alderman summarises the key changes, considerations and highlighted issues for licensees to look out for in preparing for the new complaint handling requirements.
Tune in to hear our subject-matter expert - Andrea Beatty, Partner, Piper Alderman - explore the practical impacts and operational requirements necessary for compliance and how members can champion a proactive complaint handling culture to meet the enforceable standards.