Standard

Quote

Ref.

Definition

(Enforceable)

“An expression of dissatisfaction made to or about an organization, related to its products, services, staff or the
handling of a complaint, where a response or resolution is explicitly or implicitly expected or legally required”

.27

Proactivity

“A consumer or small business is not required to expressly state the word ‘complaint’ or ‘dispute’, or put their complaint in writing, to trigger a
financial firm’s obligation to deal with a matter according to our IDR requirements”

.30

Free Process

(Enforceable)

“The IDR process must be free to complainants”

.141

Resourcing

“The IDR process must be resourced so that it operates

.142

(Enforceable)

fairly, effectively and efficiently”

“…includes resourcing the IDR function to deal with

.143

intermittent spikes in complaint volumes”

Recording

(Enforceable)

“Firms must have an effective system for recording information about complaints. The system must enable firms to keep track of the progress of each
complaint”

.179

Reporting

(Enforceable)

“Firms must provide reports about complaints data regularly to senior management and the firm’s board (or equivalent)”

.183

Responsibility

“Staff expected to play a role…include the chief executive (or equivalent) and senior management”

.143

Top-level

“…having board and/or senior management oversight of the IDR process”

.128

Accessibility

“Outsourcing should also be done in a way that ensures accessibility… and maintains a consumer-centric approach”

.47

Timeliness

“Timeliness is central to effective complaint management and is a key performance measure of a firm’s IDR process”

.49

(Enforceable)

“A financial firm must provide an IDR response to a complainant no later than 30 calendar days after receiving

.56

the complaint”

Objectivity

“Financial firms should manage complaints objectively and without actual or perceived bias”

.167

Enabling

“Firms should encourage complaints and make it easy for people to voice their concerns by developing an IDR system that is readily accessible and
easy to use”

.131

Technology

“leveraging the power of technology and data analytics to improve both the IDR process”

.17(g)

Transition

“Firms will need to undertake internal capacity building…”

.25