12 April 2022
#Superannuation, Funds Management & Financial Services
On 30 March 2022, the ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 (Instrument) was registered, pursuant to section 912A(2A) of the Corporations Act 2001. The Instrument specifies the information that financial services licensees must provide to ASIC relating to their internal dispute resolution (IDR) procedures and operation.
ASIC also released its IDR data reporting handbook to assist licensees comply with the IDR reporting requirements. The IDR data reporting handbook sets out an overview of the data reporting process, provides instructions on how to submit IDR data to ASIC, and includes the IDR data glossary and data dictionary (which identify the particular data entry codes and inputs to use, and instructions on how to classify complaints).
ASIC requires superannuation fund trustees (whether or not they hold an AFSL) to give ASIC IDR information in respect of each complaint made against the trustee that:
Trustees are required to give ASIC their IDR information in CSV format, in accordance with the IDR data reporting handbook’s requirements, via the ASIC Regulatory Portal.
ASIC can publish information (including firm-specific data) that it receives under the reporting requirements.
IDR information for a complaint means specific information covering matters including:
The specific IDR information and coding requirements are contained in the IDR data dictionary, which is, in turn, contained in the IDR data reporting handbook.
Subject to transitional rules, IDR information must be provided within one month after the end of each 30 June and 31 December. However, the first reporting period is subject to a two-month reporting window.
Aside from an initial cohort of banks and trustees comprising Cbus, UniSuper, REST and AustralianSuper, the first reporting period will be from 1 January to 30 June 2023, with trustees required to report IDR data to ASIC by 31 August 2023. The initial cohort will commence six months earlier.
If you have any questions, please contact us or send us your enquiry here.
Author: Luke Hooper
The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this article is accurate at the date it is received or that it will continue to be accurate in the future.