RISKS

Gird your business against the considerable legal and reputation risks from RG 271 by registering now for our AFS compliance tool – ‘Guided Complaints Resolution’.

Legal Risks

• New enforceable regulatory compliance from ASIC.
• Breaches could result in civil penalties.

ASIC’s new regulatory requirements set higher and stricter standards for how financial services firms must run their dispute resolution processes.

Many AFS firms and FinTech companies will need to develop processes and systems and build capacity because these tightened compliance obligations come with the force of law. Failing to meet them could result in civil penalties.

Reputation Risks

• Customers are principal stakeholders.
• It is critical to manage their perceptions and expectations.

Reputation is a matter of perception. This often requires AFS firms to improve their ability to meet expectations because if they are not trusted in the marketplace then customers are less likely to deal with them.

With customers being key stakeholders for managing reputation risk, non-compliance with new expectations invites reputational damage.