Comply with internal dispute resolution standards (RG 271)
Financial firms must acknowledge complaints within 24 hours and resolve within prescribed timeframes.
Who must comply
AFSL holders, ACL holders, RSE licensees, traditional trustee companies.
What triggers it
Receiving a complaint.
When due
Acknowledge within 24 hours; resolve within 30 calendar days (most complaints).
Evidence required
Complaints register, IDR response letters, IDR data report to ASIC (annual cycle).
Max penalty
Breach reportable to ASIC under RG 78; regulator enforcement action
Summary
ASIC's Regulatory Guide 271 sets binding internal dispute resolution standards for AFSL/ACL holders and superannuation trustees. Mandatory acknowledgement within 24 hours, complaint definition includes social media expressions of dissatisfaction, prescribed timeframes by complaint type, and prescribed IDR data reporting to ASIC.
Enforced by
Source legislation
Entity types
Topics
Related obligations
- CWLTHComply with AFSL general obligations (s 912A)AFSL holders must do all things necessary to ensure financial services are provided efficiently, honestly and fairly.
- CWLTHReport reportable situations to ASIC within 30 days (RG 78)AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.
- CWLTHComply with Design and Distribution Obligations (DDO)Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.
- CWLTHMaintain adequate PI insurance (AFSL holders, RG 126)AFSL holders providing financial services to retail clients must hold adequate professional indemnity insurance.
- CWLTHBan on conflicted remuneration (FOFA)AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.
- CWLTHMaintain AFCA membership (mandatory external dispute resolution)AFSL + ACL holders must be members of AFCA — sole AU EDR scheme.
Frequently asked questions
- Who must comply with internal dispute resolution standards (RG 271)?
- AFSL holders, ACL holders, RSE licensees, traditional trustee companies.
- What triggers internal dispute resolution standards (RG 271)?
- Receiving a complaint.
- When is internal dispute resolution standards (RG 271) due?
- Acknowledge within 24 hours; resolve within 30 calendar days (most complaints).
- What is the maximum penalty for internal dispute resolution standards (RG 271)?
- Breach reportable to ASIC under RG 78; regulator enforcement action
- What evidence is required for internal dispute resolution standards (RG 271)?
- Complaints register, IDR response letters, IDR data report to ASIC (annual cycle).
Source: https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-271-internal-dispute-resolution/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.