ASIC requires most Australian financial services licensees (AFSLs) and Australian credit licensees (ACLs) that provide services to retail clients to submit internal dispute resolution (IDR) data every six months. The obligation applies when a licensee is within ASIC’s IDR reporting framework and is not limited to firms with high complaint volumes or reportable complaints.
Expanded Answer
Most Australian financial services licensees (AFSLs) and Australian credit licensees (ACLs) that provide services to retail clients are required to submit internal dispute resolution (IDR) data to ASIC. The obligation extends beyond simply handling complaints—it requires firms to report prescribed complaint information through ASIC’s Regulatory Portal every six months, even where no reportable complaints have been received in some circumstances. ASIC uses this reporting to monitor compliance with Regulatory Guide 271 (RG 271), identify complaint trends and detect emerging consumer harm.
Applies when: An AFSL or ACL provides financial services or credit services to retail clients and falls within ASIC’s IDR reporting requirements.
Not required when: A licensee is outside the scope of ASIC’s IDR data reporting framework.
The obligation is designed to give ASIC greater visibility of complaint trends, emerging consumer issues and whether firms are complying with RG 271. It also allows ASIC to identify systemic issues that may warrant further regulatory attention. If your complaints process relies on manual spreadsheets or inconsistent record keeping, producing an accurate submission can quickly become difficult. Your complaints register should therefore capture all required reporting fields as complaints are received, rather than reconstructing the information at reporting time.
For additional guidance, see Nothing to report: mandatory internal dispute resolution lodgement and Complaints data and reporting.
Why it matters
Incomplete or inaccurate IDR reporting can expose licensees to regulatory scrutiny and indicate weaknesses in complaint handling and governance. Maintaining complete complaint records throughout the reporting period reduces operational risk, improves reporting accuracy and supports compliance with ASIC’s expectations.
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Practical guidance
- Identify whether your AFSL or ACL is within ASIC’s IDR reporting population.
- Capture all prescribed IDR reporting fields in your complaints register as each complaint is received.
- Review complaint data before each six-month reporting period and submit complete information through ASIC’s Regulatory Portal.