ASIC Announces Release of Internal Dispute Resolution Reporting Documents

The Australian Securities and Investments Commission (ASIC) has released internal dispute resolution (IDR) reporting documents, a data dictionary and data glossary, which would be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021.

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The data dictionary sets out the information that financial firms will be required to collect and report to ASIC. The data glossary provides explanations about the key terms in the data dictionary. 

The documents are designed to align as closely as possible with the reporting approach of the Australian Financial Complaints Authority so as to develop an end-to-end picture of financial system complaints. 

The Australian regulator stated: “Financial firms should now consider how to map their own complaints systems to the data dictionary. ”

Recently, Fazzaco reported that ASIC had released reference checking and information sharing protocol​ for financial advisers and mortgage brokers.