From 5 October 2021, MFAA members that are credit license holders will be required to comply with ASIC Regulatory Guidance 271 (RG 271). RG 271 sets out new requirements for credit (and AFS) licensees’ internal dispute resolution (IDR) processes and systems. RG 271 will replace RG 165. The main changes RG 271 makes to internal dispute resolution processes are:
- to broaden the definition of complaints to include complaints made via social media;
- reduces the timeframe from 45 to 30 days in dealing with standard complaints;
- requires complaints to be acknowledged within 24 hours, and
- sets out the requirements for the way in which to respond to complaints.
MFAA members will be required to update their IDR processes, procedures and training to comply with RG 271. To assist members, the MFAA, in collaboration with Dentons, have developed helpful resources including a Sample Complaints Policy and a Sample Internal Dispute Resolution Procedures. These resources can be found under the Compliance Resources section of the MFAA Learning Hub. Note - your MFAA member number and password will be required to access the materials.
Dentons have also provided a helpful resource summarising RG 271, which can be found here.
On Wednesday 15 September, AFCA will hold a special webinar event about ASIC Regulatory Guide 271 (RG271) and what the upcoming changes mean for AFCA members.
The webinar will be led by ASIC Senior Executive Leader - Behavioural Research and Policy Sarah Edmondson and AFCA Executive General Manager - Operational Delivery Diana Ennis.
We encourage MFAA members to register for the webinar. Details of the AFCA webinar and how to register are below:
Date: Wednesday 15 September
Time: 2:30pm AEST
