RG 271 Internal dispute resolution
Issued 2 September 2021
This guide is for Australian financial services (AFS) licensees, unlicensed product issuers, unlicensed secondary sellers, trustees of regulated superannuation funds (other than self-managed superannuation funds (SMSFs)), trustees of approved deposit funds, retirement savings account providers, Australian credit licensees (credit licensees) and unlicensed carried over instrument lenders (unlicensed COI lenders).
The standards and requirements highlighted in this guide are enforceable.
It explains what these financial firms must do to have an internal dispute resolution (IDR) system in place that meets ASIC’s standards and requirements.
Note: This guide came into effect on 5 October 2021. For complaints received by financial firms before that date, Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165) applies. We will withdraw RG 165 on 5 October 2022.
This guide should be read in conjunction with Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267).
Most financial firms with IDR obligations under RG 271 will also need to report IDR data to ASIC.