Understanding ASIC’s Internal Dispute Resolution changes

From 5 October 2021, new ASIC standards and requirements apply, as set out in ASIC Regulatory Guide 271 Internal dispute resolution (RG 271) to complaints received after that date.

For complaints received before then, Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165) applies. This covers changes relevant to insurance.

Mark Radford Lawyers have prepared guidance that covers the main changes members need to be aware of. Refer to RG 271 for more detail which identifies both enforceable requirements and standards (i.e., civil penalty if breached) and best/good practice.