The Legislation

Many Financial Services firms, AFSL holders and Fintech companies will soon come under the scrutiny of ASIC as to how they run their internal dispute resolution

It must be easily accessible and resourced to operate fairly, effectively, efficiently,
and free of charge to your customers (under force of law).

So what does that mean?

The new guide (RG 271) significantly tightens standards on how financial firms must
manage complaints, with a line straight to CEOs and Directors. Small firms will have
to comply without the resources of the big banks.

Notably, the definition of a complaint has been expanded to an ‘expression of
dissatisfaction’, which must be dealt with as an escalated grievance. Failure to
comply may be pursued by ASIC under the force of law and attract civil penalties.

To this end, we have purpose built an easy to use, online portal that covers your
ASIC related compliance requirements and complaints handling process.