Updated: 1 April 2022

The Australian Financial Complaints Authority (AFCA) has updated its processes to align with ASIC Regulatory Guide 271 Internal Dispute Resolution (RG 271). 

ASIC RG 271 updates the requirements for how financial firms should deal with complaints under their Internal Dispute Resolution (IDR) procedures. The Guide comes into effect on 5 October 2021 and will replace the existing ASIC Regulatory Guide 165. 

While RG 271 focuses on the standards and requirements for IDR, AFCA has updated its processes to align with RG 271’s new timelines and requirements.  

These changes include new maximum IDR timeframes for some complaints which are referred back to the financial firm to undertake or complete internal dispute resolution.  

IDR response timeframes applied at referral (when the complaint has not previously been through IDR)

Product / Issue

Current timeframe

New RG 271 Timeframe

Financial Difficulty

21 days

21 days (no change)

Superannuation or traditional trustees

90 days

45 days

Other complaint types

45 days

30 days

 

AFCA has updated its process map and Operational Guidelines to reflect the changes outlined in ASIC RG 271.  

See the process map here

See AFCA’s Operational Guidelines here.  

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