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