ASIC Releases IDR Reporting Documents

The Australian Securities & Investments Commission (ASIC) has announced the publication of internal dispute resolution (IDR) reporting documents for a pilot project with registered companies for the second half of 2021.

The goal of the pilot project is to streamline the IDR process across ASIC registered firms and the Australian Financial Complaints Authority (AFCA), which is tasked with investigating and resolving financial complaints. ASIC has published a data dictionary that sets out the information that financial firms will be required to collect and report to ASIC, and a data glossary that provides explanations about the key terms in the data dictionary.

ASIC has asked firms to consider streamlining their own complaints systems to the data dictionary since registered firms have already been collecting complaints data as part of their own internal procedures.

The new process looks to improve the cooperation between financial firms licensed by ASIC and having membership status at AFCA in order to improve IDR and external dispute resolution processes across financial sub industries in Australia.