RG 271 – Are you ready for the new complaints requirements?

16 June 2021

Topical Webinars

Rachel Erlich
Special Counsel
RG 271 – Are you ready for the new complaints requirements?

In this webinar, Holley Nethercote's Senior Associate Rachel Erlich will discuss new Regulatory Guide 271 Internal Dispute Resolution, and how to prepare for its commencement on 5 October 2021.

What's covered

  • New regulatory guide – will sit alongside RG 165 until 5 October 20222 when RG 165 is repealed
  • RG 271 issued at the same time as ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/95 (Instrument)
  • The Instrument sets out the new enforceable standards that apply to IDR procedures
  • Under the Instrument (para 5), certain paragraphs of RG 271 are enforceable – breaches of an enforceable paragraph allow ASIC to bring a civil penalty action against the licensee
  • RG 271 applies to complaints received on and after 5 October 2021
  • New definition of “complaint”
  • Requirements relating to outsourcing of IDR processes
  • Reduced timeframes to respond to a complaint
  • Requirement to have a publicly available complaints policy
  • Information that must be included in an IDR response
  • New timeframes for customer advocate reviews
  • Requirements for dealing with systemic issues

Non-Subscriber Price

Price: $125

GST: $12.50

$137.50 inc GST

CPD Details

1.0 hours

Categories:

  • Regulatory Compliance and Consumer Protection

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