Complaints handling and dispute resolution RG 271

What is RG271?

Regulatory Guide 271 Internal dispute resolution explains what financial firms must do to have an internal dispute resolution (IDR) system in place that meets ASIC’s standards and requirements. ASIC has provided guidance by which it expects relevant financial firms to comply with.

Consumer and small business access to fair, timely and effective dispute resolution is an essential part of the financial services consumer protection framework. It is consistent with ASIC’s function of promoting consumer protection in the Australian financial system. (RG 271.12)

About our course

Our online Complaints Handling and dispute resolution RG 271 course explores what ASIC’s guidance is and what they expect relevant financial firms to comply with.

Anywhere you go, handling complaints and resolving disputes is an integral part of your job – directly or indirectly.

With revised internal dispute resolution requirements having come into force, it’s crucial for your organisation to become familiar with its new obligations. Explore our overview of the changes and discover what refinements you might need to make to your procedures and conduct, particularly if you’re in a client-facing role.

This topic has been updated to include coverage of IDR data reporting obligations.

What constitutes a complaint

In determining what constituted a complaint, RG 271 utilised the proposed definition that was considered as part of CP 311. In particular, a complaint is: An expression of dissatisfaction made to or about an organisation – related to its products, services, staff or the handling of a complaint – where a response or resolution is explicitly or implicitly expected or legally required.

Program Content

Learning Outcomes

What you will learn

  • The process by which a customer can make a complaint with a financial firm
  • The decision making process that constitutes IDR and the circumstances by which matters are referred to AFCA
  • Potential outcomes of referrals to AFCA
  • How financial firms should handle each complaint, including the applicable documentation that is required to be issued to complainants
  • The benefits of an effective IDR framework for both financial firms and consumers

Who is this course for?

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

You will be awarded a Certificate of Completion. It will be available online for you to download and print immediately.

Explore our Financial Services CPD

Our short course topics are also included in our annual subscription Financial Services CPD library.

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Frequently Asked Questions

  • RG 271 Internal dispute resolution is for Australian financial services (AFS) licensees, unlicensed product issuers, unlicensed secondary sellers, trustees of regulated superannuation funds (other than self-managed superannuation funds (SMSFs)), trustees of approved deposit funds, retirement savings account providers, Australian credit licensees (credit licensees) and unlicensed carried over instrument lenders (unlicensed COI lenders).
  • Our online Complaints Handling and dispute resolution RG 271 course explores what ASIC's guidance is and what they expect relevant financial firms to comply with.

ASIC has an important stake to ensure that financial firms maintain adequate IDR procedures so it can promote its core objectives under Chapter 7 of the Act:
  • To promote the confidence of consumers and investors in the Australian financial system;
  • To ensure fairness, honesty and professionalism by practitioners;
  • To promote fair and orderly markets; and
  • To mitigate systemic risks.
Consumer and small business access to fair, timely and effective dispute resolution is an essential part of the financial services consumer protection framework. It is consistent with ASIC’s function of promoting consumer protection in the Australian financial system. (RG 271.12)

  • RG 271 Internal dispute resolution came into effect October 2021. The guide is for Australian financial services (AFS) licensees, unlicensed product issuers, unlicensed secondary sellers, trustees of regulated superannuation funds (other than self-managed superannuation funds (SMSFs)), trustees of approved deposit funds, retirement savings account providers, Australian credit licensees (credit licensees) and unlicensed carried over instrument lenders (unlicensed COI lenders).
  • Six reforms arising out of recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) and other inquiries  commenced in October 2021.

Our CPD short courses are assessed by a short open book multiple-choice exam.

Our CPD short courses are self-paced with online learning resources & on-going support.
  • You have up to 8 weeks to complete the learning and assessment requirements for your CPD short course.
  • Experienced professionals can complete in less time.

Our courses, CPD and qualifications are 100% online, so you can start anytime, anywhere.
  • Either enrol online or
  • Contact Us to arrange an invoice for EFT or AMEX payments.

You can enrol your team either:
  • Enrol online or
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Talk with us to develop your team training program.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.