Most of you would be aware that having and following an ASIC-compliant Dispute Resolution policy is a mandatory requirement for all Australian Credit License holders.
In addition to meeting ACL obligations, we strongly believe in the benefit of implementing strong and practical complaint handling procedures.
Following feedback from the Royal Commission into the finance industry and the earlier Ramsay Report, ASIC has now revised complaint-handling processes and published a new Regulatory Guide (RG165) on 30 July.
This new RG will replace existing protocols as per RG271 on 5 October 2020.
What does this mean for you?
- In RG165, there are more specific requirements that must be followed by financial institutions, including ACL holders (brokers and lenders).
- The overall requirements to handle complaints are not significantly different for ACLs, but there are some specific details to be incorporated into both INTERNAL procedures and EXTERNALLY published policies.
- There is a greater emphasis on ‘constructive compliant handling’. Such actions must be formally monitored and supported by senior management.
- To find out more, click here.
Do I need to take any action?
If you or your business hold an ACL, the answer is YES!
By October 5, you need to:
- Ensure your current Dispute Resolution policy reflects the explicit timings and details needed within IDR responses to complainants, as per RG165.
- Ensure your public-facing Complaint Handling policy is reviewed and appropriately published for access by future clients (ie. Online).
- Ensure all staff and management are aware of new policies and procedures.
- Our SalesKey retained support partners will soon receive further information to aid preparedness for this regulatory update
For any ACL holder wanting some extra assistance in preparing for this change, don’t hesitate to call us on 1800 954 488 to find out more about us.
In summary, we founded SalesKey with an objective to share our knowledge of Finance, Lending, Finance Broking, and business management and in turn guide businesses through the maze of compliance requirements.
Whether it’s a review of your ACL Obligations, internal processes, NCCP adherence, sales maximisation, systems, or your organisational structure; we are well placed to help any participant within the Financial Services space.
For an obligation-free discussion, we’d love to hear from you on 1800 954 488.
Stay safe everyone!
Scott and Darren.
