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06 Aug 2020 ASIC Updates

ASIC releases final updated guidance on complaints handling

ASIC has released updated requirements for how financial firms deal with consumer and small business complaints – under their Internal Dispute Resolution (IDR) procedures.

Regulatory Guide 271 Internal dispute resolution (RG 271) has been released after extensive consultation with consumer and industry representatives.

Updated standards and requirements in RG 271 include:

  • reduced timeframes for responding to complaints, including superannuation complaints
  • clear guidelines on information firms must include in written IDR responses to allow consumers to decide whether to escalate their complaint
  • new timeframe requirements for customer advocate reviews of appeals against IDR decisions
  • guidance about how firms can deal with representatives who are not acting in consumers’ best interests.

ASIC has given the industry until 5 October 2021, to comply with the new IDR standards and requirements.

Read more here.

Former financial adviser sentenced to six years’ imprisonment for dishonest conduct

Graeme Walter Miller, a former financial adviser and director of Australian financial services licensee CFS Private Wealth Pty Ltd, was sentenced on 31 July 2020 to six years’ imprisonment for misappropriating $1.865 million of client funds, following an ASIC investigation.

Read more here.


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