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FAQ

What should a sample dispute resolution policy for financial advice licensees include?

Under s912A(1)(g) and ASIC’s RG 271: Internal Dispute Resolution, AFSL holders must maintain an IDR system that is free, fair, and timely. A compliant policy should include:

  • Precise definitions of complaints and complainants;
  • Timeframes for acknowledgement (within 24 hours) and resolution (within 30 days);
  • Procedures for escalation, documentation, and analysis of recurring issues;
  • Obligations to refer unresolved complaints to AFCA;
  • Root-cause analysis and remedial processes to prevent recurrence.

Best practice is to integrate complaint analytics into compliance reporting, identifying early warning indicators for systemic issues. For additional practical insights on complaint handling, escalation, and reporting, see Assured Support’s Complaints FAQ, which guides the establishment of effective complaint management processes and meeting ASIC’s RG 271 expectations.

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