As the final phase of the mandatory and ongoing obligation approaches, all Australian Credit License (ACL) holders are now required to initiate the reporting of internal dispute resolution (IDR) data to corporate regulator ASIC.
The reporting period for July to December must be lodged by ACLs no later than Feb. 29.
Naveen Ahluwalia (pictured above), MFAA Executive Policy and Legal, emphasised the significance of meeting these reporting requirements.
“While the obligation to report IDR data is at a licensee level, it is incredibly important that all our members are aware of, and meet the requirements,” Ahluwalia said in a media release.
ASIC has underlined the seriousness with which non-compliance will be treated, considering the ample time provided to the industry for preparation.
ACLs are obligated to report information outlined in SIC Regulatory Guide 271: Internal Dispute Resolution, covering data capture, response to, and recording of all customer complaints received.
For credit representatives, adherence to the licensee’s complaints process and procedure is crucial. They are advised to proactively identify and respond to complaints in line with the established process.
Licencees are required to lodge their complaints data report by Feb. 29, use the ASIC Regulatory Portal for report submission, and maintain the practice of lodging complaints data reports every six months.
The IDR data submitted to ASIC must be in CSV (comma-separated values) format, including specified details for each complaint received. Further guidance can be found in the IDR data reporting handbook, accessible on the ASIC website.
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