NIBA Member Update: RG 271- Internal Dispute Resolution

ASIC has issued: Regulatory Guide 271 Internal dispute resolution (RG 271) which updates ASIC requirements regarding IDR. This follows on from industry feedback provided to ASIC on its Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311).

Given the impact of COVID-19, ASIC has given the industry a transition period. The standards, requirements and guidance only apply to complaints received on or after 5 October 2021. For complaints received by firms before 5 October 2021, Regulatory Guide 165 Licensing: Internal and external dispute resolution(RG 165) applies (which will be withdrawn on 5 October 2022).

To ensure members are across the changes NIBA’s legal Adviser, Mark Radford, has prepared an update on the new regulatory guide.