Australia: ASIC Releases Consultation Paper on Internal Dispute Resolution

On May 15, 2019, the Australian Securities and Investments Commission (ASIC) launched a consultation on proposals to update its Internal Dispute Resolution (IDR) standards, which apply to Australian financial services (AFS) licensees, Australian credit licensees and unlicensed financial technology businesses.

Licensed firms are required to have an IDR process for handling consumer complaints as the initial complaint handling process, to allow the firm to resolve the complaint before the consumer can escalate it to the Australian Financial Complaints Authority (AFCA).

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