Complaints handling and dispute resolution

Complaints handling and dispute resolution RG271

ASIC’s RG 271 Internal Dispute Resolution sets the standard for licensees’ approach to complaints handling, to ensure customer complaints are handled in an appropriate way. Standards are prescribed in RG 271, which says that your organisation must have a documented Internal Dispute Resolution (IDR) process and it must be followed if the organisation receives complaints from customers (or others).

Did you know? Complaints provide us with important feedback. Complaints offer insights into the way others see your organisation, giving it an opportunity to improve. Regulations exist to set the standard for your approach to complaints handling so it’s vital that you understand how your organisation wants to accept and respond to complaints from customers or others in the community.

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.

About our online compliance training

Our Complaints handling and dispute resolution module is part of a suite of engaging compliance training designed to meet regulatory compliance and conduct requirements.

This module outlines your responsibilities to handle and manage complaints in a way that meets your organisation’s regulatory obligations and does the right thing by customers.

The relevant laws and regulations governing these requirements are:

  • For financial services licensees, this is specified in subsections 912A(1)(g) and 912A(2) of the Corporations Act.
  • For credit licensees, it’s found in subsections 47(1)(h) and 47(1)(i) of the National Credit Act.

Program Content

  • Why complaints matters
  • The complaints handling process
  • Escalation options

Learning Outcomes

  • Define what constitutes a complaint
  • Describe processes by which a customer can make a complaint
  • Explain decision-making approaches, effective record-keeping, and other obligations required under a complaints-handling process
  • Describe when a matter should be referred to AFCA.

What you will learn

Who is this course for?

  • All financial representatives must be trained to adhere to financial services-specific regulation and industry codes with respect to conduct.

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

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Frequently Asked Questions

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)
Our general corporate compliance training contains a suite of engaging online modules designed to make employees aware of their responsibilities and feel empowered to uphold the conduct and regulatory standards applicable to their organisation. A general compliance module – refers to a corporate e-learning course designed to meet specified organisational, legislative and/or conduct requirements.  
The team at FEP understands that effective compliance training is not just about delivering regulatory content; it's about creating learning that is engaging, relevant and impactful for organisations and their employees. We design training experiences that resonate with individuals, ensuring they gain practical knowledge and skills that are immediately applicable to their roles.
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.