On 30 March 2022, the ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 (Instrument) was registered, pursuant to section 912A(2A) of the Corporations Act 2001. The Instrument specifies the information that financial services licensees must provide to ASIC relating to their internal dispute resolution (IDR) procedures and operation.

ASIC also released its IDR data reporting handbook to assist licensees comply with the IDR reporting requirements. The IDR data reporting handbook sets out an overview of the data reporting process, provides instructions on how to submit IDR data to ASIC, and includes the IDR data glossary and data dictionary (which identify the particular data entry codes and inputs to use, and instructions on how to classify complaints).

What is required?

ASIC requires superannuation fund trustees (whether or not they hold an AFSL) to give ASIC IDR information in respect of each complaint made against the trustee that:

  • is required to be covered by the trustee's IDR procedure; and
  • either:
    • was made during the current reporting period; or
    • was made after the start of the initial reporting period and was not closed as at the start of the current reporting period.

Trustees are required to give ASIC their IDR information in CSV format, in accordance with the IDR data reporting handbook's requirements, via the ASIC Regulatory Portal.

ASIC can publish information (including firm-specific data) that it receives under the reporting requirements.

What is IDR information?

IDR information for a complaint means specific information covering matters including:

  • a complaint's status
  • the channel the complaint was made through
  • the date the complaint was received and closed
  • the period of time taken to resolve the complaint
  • the product or service the complaint is related to
  • the complaint's outcome
  • the monetary remedy payable.

The specific IDR information and coding requirements are contained in the IDR data dictionary, which is, in turn, contained in the IDR data reporting handbook.

When does it start?

Subject to transitional rules, IDR information must be provided within one month after the end of each 30 June and 31 December. However, the first reporting period is subject to a two-month reporting window.

Aside from an initial cohort of banks and trustees comprising Cbus, UniSuper, REST and AustralianSuper, the first reporting period will be from 1 January to 30 June 2023, with trustees required to report IDR data to ASIC by 31 August 2023. The initial cohort will commence six months earlier.

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.