Are you a licensee required to report complaints to ASIC? The next submission window closes on 31 August 2024, so it’s time to ensure your reporting is in order.

All Australian Financial Services Licensees (AFSLs) who are authorised to provide services to retail clients, as well as all credit licensees, are required to report their Internal Dispute Resolution (IDR) data to ASIC. This is an ongoing, semi-annual obligation, with submission windows open for two months following each six-month reporting period ending on 30 June and 31 December. Be aware that ASIC has indicated this window could be reduced to one month in the future as firms become more familiar with the process.

ASIC’s Key Expectations:

• Report even with no complaints: If your firm had no IDR complaints during the reporting period, you’re still required to submit a report. Simply select  “No” when asked whether you wish to submit an IDR data file via the ASIC Regulatory Portal.
• Accurate reporting for complaints: If your firm received complaints from retail clients, ensure your IDR data report is compliant and meets ASIC’s specifications. Submitting invalid data could trigger automatic validation failures, requiring resubmission before the deadline.
• Semi-annual submission required: Submit your IDR report to ASIC every six months within the designated submission window.

Following the  IDR data submissions for the six months ending 31 December 2023, ASIC revealed:

• 87% of financial firms successfully submitted their IDR data reports. Even with the submission window extended by 2 weeks, 13% of financial firms did not submit a report.
• ASIC aims to publish IDR data publicly and use it to drive regulatory actions, encouraging firms to enhance their dispute resolution practices.

Unsure if this applies to you?

If your contact details are up to date with ASIC, you should have received emails advising of  your obligations. This applies even if your license was dormant, you had no retail clients, or no complaints were received during the reporting period.

To simplify your compliance efforts, Source offers an IDR Reporting Template for $450 incl. GST through our e-store. Our template is designed to streamline the reporting process and ensure your submission is compliant with ASIC’s requirements.

Our IDR Reporting Template features:

• Step-by-step guide on the IDR data reporting process, from entering complaints in the register to submitting the data to ASIC;
• Pre-set fields aligned with ASIC’s IDR reporting requirements;
• Automatic selection of complaints relevant for the current reporting period;
• Data formatted correctly for lodgement;
• Ongoing updates, modifications, and improvements to the product.

Secure your compliance today and eliminate the stress of last-minute reporting errors.

For tailored support and guidance in meeting your compliance obligations, contact our team today.