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ASIC takes on Telstra over IDR

In its 6 November 2023 media release [23-295MR] ASIC announced that it had commenced civil penalty proceedings against Telstra Super, focusing on Telstra Super’s dispute resolution procedures.

ASIC alleges Telstra Super failed to effectively manage internal dispute resolution (IDR) arrangements, breaching the Corporations Act.

This case underscores ASIC’s commitment to ensuring superannuation trustees adhere to legal obligations in handling member complaints. The action reflects a broader regulatory emphasis on the importance of robust and fair dispute resolution mechanisms within the financial services sector, reinforcing the need for trustees to maintain high standards in managing and resolving member disputes.

For a more detailed analysis of the new dispute resolution regime please read our article titled “Fixing Complaints”

If you are a Licensee, make sure that you are aware of these changes and ensure that you adjust your reporting processes to operationalise these refinements. If you need help, reach out to us.

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