- within Finance and Banking topic(s)
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- with readers working within the Banking & Credit, Retail & Leisure and Securities & Investment industries
ASIC will proceed with publishing Internal Dispute Resolution (IDR) data at a firm-level towards the end of 2025. This means that retail Australian Financial Services Licensees and Credit Licensees will be individually identified on ASIC's dashboard as well as their complaint statistics.
IDR Dashboard
The upcoming IDR dashboard will allow users to filter data by product and issue type, to enable comparisons between licensees offering similar products or services.
ASIC will publish the following IDR information about licensees:
- name of licensee and licence number;
- how many IDR complaints a licensee receives;
- complaint resolution timing such as the mean and median resolution times for complaints;
- how many complaints are resolved within set timeframes, including the maximum statutory IDR timeframe (30 days);
- complaint outcomes; and
- the type of financial product/service and issue the complaint relates to.
ASIC will not publish:
- demographic data (complainant type, gender, postcode, age);
- details surrounding when a complaint was received or closed; and
- information relating to whether the complaint relates to an Authorised Representative of the licensee.
ASIC intends for the IDR dashboard to complement the Australian Financial Complaints Authority's existing publication of firm-level external dispute resolution data, namely, the AFCA Datacube.
The purpose of ASIC publishing the IDR dashboard at a firm-level is to:
- enhance accountability and transparency in the financial system;
- ensure licensees improve their IDR outcomes, practices and reporting; and
- provide insights and promote consumer confidence in the financial services industry.
Background
All retail Australian Financial Services Licensees and credit licensees must report certain complaints data under their internal dispute resolution obligations.
ASIC's Corporate Plan for 2024-25 identified improving consumer outcomes as a key priority. The planned publication of firm-level IDR data in 2025 will support this goal by promoting improved industry conduct and strengthen confidence in the financial system.
Further Reading
- Consultation Paper 383 - Internal Dispute Resolution Data Publication
- Summary of Feedback to Consultation Paper 383 and ASIC's Response
- ASIC outlines approach to complaints data publications
- AFCA Datacube
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
