On 30 July 2020, ASIC released Regulatory Guide 271 (RG 271), which updated requirements for how financial firms should deal with complaints under their Internal Dispute Resolution (IDR) procedures.
RG 271 came into effect on 5 October 2021 and replaced the existing Regulatory Guide 165. AFCA will consider a financial firm’s obligations under RG 271 on all complaints received by a financial firm on or after 5 October 2021.
Changes to AFCA’s processes
While RG 271 focuses on expectations for financial firm’s IDR, AFCA has updated some processes to align with RG 271’s new timelines and requirements.
New maximum IDR timeframes
Some complaints lodged with AFCA which have not been through the financial firm’s internal dispute process are referred back to the firm with updated timeframes.
Extension of IDR and post-IDR refer back time at AFCA
RG 271 allows financial firms to exceed the maximum IDR timeframe in certain circumstances. AFCA has updated its IDR and post-IDR extension request policy, having regard to RG 271.
ASIC Regulatory Guide 271 webinar
On Wednesday 15 September, AFCA held a special webinar event about ASIC Regulatory Guide 271.
The webinar was facilitated by AFCA Head of Operational Delivery Tim Goss, with presentations from ASIC Senior Executive Leader of Behavioural Research and Policy Sarah Edmondson and AFCA Executive General Manager of Operational Delivery Diana Ennis.