As part of new data reporting requirements, between 1 January and 29 February 2024, over 8,600 financial firms were due to report internal dispute resolution (IDR) data to ASIC for the first time.

ASIC extended the submission window to 14 March to allow firms more time to complete this, understanding it is the first time most firms are engaging with the new reporting process.

Around 87% of financial firms successfully submitted an IDR data report to ASIC.

This submission window saw the balance (third group) of financial firms, which include many smaller firms, commence reporting their IDR data to ASIC.

• In early 2023, the first group of 97 large financial firms, including banks and some superannuation funds, commenced reporting their IDR data to ASIC (see 22-071MR).
• By August 2023, a second group of around 340 financial firms commenced their IDR reports for the first time.
• The firms in these first two groups account for many of the largest financial firms and are likely to account for well over 60% of consumer and small business complaints made (see 23-117MR).

The high level of compliance with this new requirement is encouraging. Firms are reminded of the need to meet this reporting requirement twice per year. ASIC will continue to engage with firms on meeting this requirement.

Background

The IDR data reporting framework is the culmination of many years of work with industry to record, improve and standardise the quality of dispute resolution data.

Collecting, and ultimately publishing, internal dispute resolution data will give greater public visibility of where consumers may be having difficulties. It provides ASIC with an important data set to assist with regulatory decision making, and will drive firms to improve IDR practices.

ASIC will be analysing the data to inform our approach to publication. We will communicate our approach in advance of publication.

Financial firms can get more information on the requirements from ASIC’s IDR data reporting page, which includes frequently asked questions.

ASIC is Australia’s corporate, markets and financial services regulator.