Complaints handling and dispute resolution RG271

Overview Complaints handling and dispute resolution RG271

Anywhere you go, handling complaints and resolving disputes is an integral part of your job – directly or indirectly.

ASIC RG 271 Internal dispute resolution came into effect on 5 October 2022. On 30 March 2022 ASIC released the mandatory requirements for the internal dispute resolution data reporting framework. All Australian financial services (AFS) and Australian credit licensees are required to report internal dispute resolution (IDR) data to ASIC under the new IDR data reporting framework.

The release of IDR reporting requirements is in response to a recommendation from the Ramsay Review that financial firms should be required to report their IDR activity to ASIC.

About our course

With revised internal dispute resolution requirements having come into force, it’s crucial for your organisation to become familiar with its new obligations. Explore our overview of the changes and discover what refinements you might need to make to your procedures and conduct, particularly if you’re in a client-facing role.

This topic includes coverage of IDR data reporting obligations.

Program Content

  • Who does internal dispute resolution guidance apply to
  • What is ASIC’s role in internal dispute resolution?
  • Overview of RG 271 Internal dispute resolution
  • IDR data reporting framework
  • Focus areas for financial firms

Learning Outcomes

  • Define what constitutes a complaint
  • Summarise the recent regulatory changes associated with complaints handling and dispute resolution
  • Describe processes by which a customer can make a complaint with a financial firm
  • Explain decision-making approaches, effective record-keeping, and other obligations that comprise a compliant internal dispute resolution process
  • Identify the circumstances when matters can be referred to AFCA
  • Evaluate the benefits of an effective IDR framework for both financial firms and consumers
  • Outline the new regulatory requirements for IDR data reporting.

What you will learn

Who is this course for?

  • Compliance managers
  • Representatives
  • Responsible managers
  • Senior managers

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

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Our short course topics are also included in our annual subscription Financial Services CPD library.

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Frequently Asked Questions

ASIC has an important stake to ensure that financial firms maintain adequate IDR procedures so it can promote its core objectives under Chapter 7 of the Act:
  • To promote the confidence of consumers and investors in the Australian financial system;
  • To ensure fairness, honesty and professionalism by practitioners;
  • To promote fair and orderly markets; and
  • To mitigate systemic risks.
Consumer and small business access to fair, timely and effective dispute resolution is an essential part of the financial services consumer protection framework. It is consistent with ASIC’s function of promoting consumer protection in the Australian financial system. (RG 271.12)

Our CPD short courses are self-paced with online learning resources & on-going support.
  • You have up to 8 weeks to complete the learning and assessment requirements for your CPD short course.
  • Experienced professionals can complete in less time.

Our CPD short courses are assessed by a short open book multiple-choice exam.

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  • Purchase course/s online. (You can add multiple courses to the cart.) Please note: Online orders may take up to 1 business day to be processed and for your team to receive their course login details.
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Contact us for your Corporate Solution.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

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