The mandatory and ongoing obligation to report internal dispute resolution (IDR) data to ASIC is in its final phase, with all Australian Credit License (ACL) holders now required to lodge reports.
ACLs are required to lodge their IDR data report for the period July – December 2023 by 29 February 2024.
“While the obligation to report IDR data is at a licensee level, it is incredibly important that all our members are aware of, and meet the requirements,” said Naveen Ahluwalia, MFAA Executive Policy and Legal.
“ASIC has noted that given the significant time industry has been given to prepare, it will take non-compliance with this obligation very seriously.”
Information the ASIC Regulatory Guide 271: Internal Dispute Resolution requires ACLs to report includes data capture, response to, and recording of all customer complaints received.
What should credit representatives do?
If you are a credit representative, you should:
- follow your licensee’s complaints process and procedure
- know how to proactively identify a complaint and how to respond to a complaint
- ensure to respond to a complaint in accordance with your licensee’s complaints process and procedure.
What should ACL holders do?
If you are a licensee:
- lodge your complaints data report by 29 February 2024
- lodge your report via the ASIC Regulatory Portal
- lodge your complaints data report every six months.
The IDR data reported to ASIC must include specified data in relation to each complaint received and is required in a CSV (comma separated values) format. More information can be found in the IDR data reporting handbook available on the ASIC website.
