Credit: Dispute resolution

You are required to have a dispute resolution system in place if you are:

  • an Australian financial services (AFS) licensee
  • an unlicensed product issuer
  • an unlicensed secondary seller
  • an Australian credit licensee (credit licensee)
  • a credit representative
  • an unlicensed carried over instrument lender
  • a securitisation body.

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
  • membership of the Australian Financial Complaints Authority (AFCA).

Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165) sets out the obligations for businesses that are required to have IDR procedures in place and be members of AFCA.

Related links

  • Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205)
  • RG 165
  • Information Sheet 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives (INFO 146)
  • Information Sheet 135 Annual compliance certificates for credit licensees (INFO 135)
  • Information Sheet 126 Credit representatives (INFO 126)
  • Regulatory index – Credit

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Last updated: 22/10/2020 08:46