The Australian Securities & Investments Commission (ASIC) has published a Consultation Paper 311 seeking responses from the financial services and credit sectors and from the public about how these businesses deal with complaints from consumers and small business owners.
ASIC’s Regulatory Guide 165 outlines the regulator’s current guidance on appropriate internal and external dispute resolution. The regulator expects to update RG165 following this consultation process.
ASIC reports that “the Ramsay Panel Review, recent ASIC research, case studies before the Financial Services Royal Commission (FSRC) and our own supervisory work have all identified shortcomings in consumer complaints handling.” ASIC is proposing new standards which include new mandatory data reporting designed to improve complaints management and deliver greater transparency.
Responses to ASIC are due by 9 August 2019. Member responses in relation to the MFAA’s submission or about complaint management issues should be forwarded to the MFAA at ua.moc.aafm@ecnailpmoc. For more information and a copy of the consultation paper, see here.
