RG 271 - Are You Ready for the New Complaints Requirements?
Introduction
- Presenter: Rachel Erlich, Special Counsel
- Date: 16 June 2021
- Platform: HN Hub Webinar
Overview
- Discussion on Regulatory Guide 271 (RG 271) Internal Dispute Resolution
- Preparation for the new requirements commencing on 5 October 2021
Key Changes in RG 271
- RG 271 will coexist with RG 165 until it is repealed on 5 October 2022
- Issued alongside ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/95
- The Instrument outlines enforceable standards for IDR procedures
Enforceability and Compliance
- Certain paragraphs of RG 271 are enforceable
- Breaches allow ASIC to pursue civil penalties against licensees
- Applies to complaints received on or after 5 October 2021
New Requirements
- Definition of Complaint: Updated definition to ensure clarity
- Outsourcing IDR Processes: Requirements for outsourcing procedures
- Timeframes: Reduced response timeframes for complaints
- Complaints Policy: Must be publicly available
- IDR Response Content: Specific information that must be included
- Customer Advocate Reviews: New timeframes introduced
- Systemic Issues: Protocols for dealing with systemic issues
Practical Details
- Non-Subscriber Price: $137.50 (incl. GST)
- CPD Details: 1.0 hours under Regulatory Compliance and Consumer Protection
Related Content
- "Investigating Systemic Issues for Credit Licensees"
- "Breach Reporting: Your Questions Answered"
- Presenter: Michael Mavromatis
Contact Information
- Melbourne Office
- Level 32, 140 William Street, Melbourne VIC 3000
- Phone: +61 3 9670 8200
- Sydney Office
- Level 6, 6 Spring Street, Sydney NSW 2000
- Phone: +61 2 9159 9315
Additional Resources
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