Complaints and Dispute Resolution Process

General Standards

(A �Code Member� is referred to in these Standards as �we�, �our� and �us� and a �Client� as �you� and �your�)

Our internal complaints and disputes handling process for Covered Services (IDR Process) is a two-step process as set out to the right and must:

• meet any relevant standard required by law; i
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  Guidance

  Code General Standards

  Meet any relevant standard required by law

  Under the Corporations Act any Australian Financial Services Licensees providing financial services to persons as retail clients must have a dispute resolution system complying with the following requirements:

  • an internal dispute resolution procedure that complies with standards, and requirements, made or approved by ASIC - See ASIC Regulatory Guide RG 165; and
  • membership of an ASIC approved external dispute resolution schemes (Most Code Members would belong to AFCA), that covers complaints against the licensee made by retail clients in connection with the provision of all financial services covered by the licence.

  The Code General Standards are designed not to be inconsistent with the ASIC guidance regarding internal complaints and disputes handling process for Covered Services (e.g the definition of a "complaint" is practically the same but adapted for Code purposes), having regard to the fact that the Code covers more than retail client complaints and disputes.

  Code Members need to ensure that for retail clients they meet any applicable specific ASIC requirements, especially regarding time limits.

  Guidance - This is general guidance designed to assist Code Members and Consumers to better understand the Code but does not form part of the Code itself. It should not be relied on as legal advice and while it is updated from time to time, it may not be current or accurate and you need to make your own enquiries and seek appropriate professional advice in this regard.

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• be free of charge;
• be conducted in a fair, transparent and timely manner;
• require us to:
  • immediately (or if this is not possible as soon as practicable) acknowledge the receipt of Complaints or Disputes and address them promptly in accordance with their degree of urgency;
  • only ask for and take account of relevant information in considering a Complaint or Dispute;
  • immediately initiate action to correct any identified error or mistake in dealing with a Complaint or Dispute;
  • allow you to seek access to information we have relied on in assessing a Complaint or Dispute and provide you with access to the information, except in special circumstances, such as where this would breach any laws (e.g. privacy) or would prejudice us in relation to the Complaint or Dispute; and
  • provide reasons why we will not give you access to such information mentioned above (in writing if you request it); and
• handle Complaints and Disputes caused by our Representatives for Covered Services provided by them on our behalf.