Updated RG165 - Internal Dispute Resolution procedure requirements for AFS and credit licensees
ASIC has updated Regulatory Guide (RG) 165 Licensing: Internal and External Dispute Resolution which now, in addition to AFSL holders, will also apply to ACL holders. Read our one-page mind map summary which summarises your obligations.
Pursuant to the Corporations Act 2001 (Cth) AFS licensees must have an internal dispute resolution procedure that:
(i) complies with standards and requirements made or approved by ASIC; and
(ii) covers complaints against the licensee made by retails clients in connection with the provision of financial services covered by the licence.
Pursuant to the National Consumer Credit Protection Act 2009 (Cth), credit licensees must have an internal dispute resolution procedure that:
(i) complies with standards and requirements made or approved by ASIC; and
(ii) covers disputes in relation to the credit activities engaged in by the licensee or its representatives.
Credit representatives are not required to have their own IDR procedures that meet ASIC’s requirements. This is because the licensee’s IDR procedure must cover disputes relating to its credit representatives (as at (ii) above).
RG165 outlines ASIC’s requirements for IDR procedures for AFS licensees and credit licensees. See the one page mind map which summarises the requirements. Click on the diagram to download it.
For more information and to view the Regulatory Guide in full, go to ASIC's credit website at: http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/RG165.pdf/$file/RG165.pdf
Questions? Leave a comment below or give Kathryn Wardrobe a call.
Updated RG165 - Internal Dispute Resolution procedure requirements for AFS and credit licensees by Holley Nethercote Commercial Lawyers is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 Australia License.
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