ASIC has released the final internal dispute resolution data (IDR) requirements set to be implemented next year.
The framework will be introduced first through 11 large financial firms that will be required to report IDR data to the corporate regulator by 28 February 2023.
The companies include Commonwealth Bank, ANZ, NAB, Westpac, AMP, Dai Ichi Life Holdings, Insignia (formerly IOOF), Cbus, UniSuper, Retail Employees Superannuation Trust and AustralianSuper.
The 10,500 financial firms will then join framework and be required to report IDR data by 31 August 2023.
“The IDR data reporting framework is the culmination of many years of work with industry to record, improve and standardise the quality of IDR data. Updated standards and requirements for IDR will assist firms to identify and address systemic issues that arise from complaints,” ASIC deputy chair Karen Chester said.
“ASIC collecting and ultimately publishing system wide IDR data is a consumer-centric milestone. The data will give greater and public visibility of where harms may be occurring, across the financial system and down to the firm level. It will also elevate ASIC’s ability to be a data-driven regulator.
“Ultimately, we all want to see consumers benefit when firms use this data to benchmark, even compete on, their IDR performance and to improve the way they respond to consumer complaints in practice.”
ASIC has also issued a handbook this week providing guidance and checklists for IDR reporting, including the data dictionary and data glossary which were included in the data reporting pilot last year.
The regulator confirmed that it will begin publishing IDR data once all financial firms are on board after 31 August 2023, while a consultation paper on the approach to the release of that data will be issued in the coming months.
