WEBINAR: RG 271 – Are you ready for the new complaints requirements?
- New regulatory guide - will sit alongside RG 165 until 5 October 2022 when RG 165 is repealed
- RG 271 issued at the same time as ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/95 (Instrument)
- The Instrument sets out the new enforceable standards that apply to IDR procedures
- Under the Instrument (para 5), certain paragraphs of RG 271 are enforceable – breaches if an enforceable paragraph allow ASIC to bring a civil penalty action against the licensee
- RG 271 applies to complaints received on and after 5 October 2021
- New definition of "complaint"
- Requirements relating to outsourcing of IDR processes
- Reduced timeframes to respond to a complaint
- Requirement to have a publicly available complaints policy
- Information that must be included in an IDR response
- New timeframes for customer advocate reviews
- Requirements for dealing with systemic issues