Credit dispute resolution
You are required to have a dispute resolution system in place if you are an:
- Australian financial services (AFS) licensee
- unlicensed product issuer
- unlicensed secondary seller
- Australian credit licensee (credit licensee)
- credit representative.
Requirements for the dispute resolution system
The dispute resolution system must consist of:
- internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ASIC, and
- membership of one or more ASIC-approved external dispute resolution (EDR) schemes.
Regulatory Guide 165 sets out the obligations of AFS licensees, unlicensed product issuers, unlicensed secondary sellers, credit licensees and credit representatives in relation to IDR procedures and membership of an ASIC-approved EDR scheme.
Find out more
Download Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165)