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Showing 1 - 10 of 15 results for "IDR"

Super funds' IDR process weak, inadequate: AFCA

KARREN VERGARA  |  FRIDAY, 5 APR 2024
Superannuation funds are increasingly flouting their internal dispute resolution (IDR) process and are not doing enough to resolve member complaints before they reach the Australian Financial Complaints Authority (AFCA). The complaints authority warned ...

Majority comply with IDR reporting: ASIC

KARREN VERGARA  |  MONDAY, 18 MAR 2024
The latest round of the internal dispute resolution (IDR) reporting regime saw 87% of small financial firms submit their data to ASIC. The deadline for the third round of reporting, which forced a total of 8600 financial services firms to submit data ...

ASIC revises IDR reporting framework

JAMIE WILLIAMSON  |  MONDAY, 8 MAY 2023
... smaller entities, have until 29 February 2024 to report to ASIC. It is only at this time that ASIC will begin publishing the IDR data, following analysis and communication ahead of publication. "We reached a significant milestone early in 2023 when the ...

Trustees must improve IDR processes: ASIC

JAMIE WILLIAMSON  |  FRIDAY, 9 DEC 2022
... can improve the readability and consumer focus of their responses. Just three of the 10 trustees in Stage 2 present their IDR policies in a language other than English, while five of the 10 provide the IDR policy in other formats for members with a disability. ...

ASIC flags 'significant' IDR compliance issues at super funds

JAMIE WILLIAMSON  |  WEDNESDAY, 10 AUG 2022
... timeframe or are not actively monitoring how long it is taking them to resolve complaints. Across the 38 funds, 2.7% of the total IDR responses were sent after 45 days. For seven funds, this was the case for 10% or more of their responses. Overall, 4.5% ...

Super funds not ready for IDR

ELIZABETH MCARTHUR  |  FRIDAY, 3 SEP 2021
An ASIC survey of super funds about their preparedness for the new enforceable internal dispute resolution (IDR) obligations identified areas of weakness. The specific areas identified by the regulator as needing improvement include attention to governance ...

ASIC spells out IDR reporting

ANNABELLE DICKSON  |  TUESDAY, 20 JUL 2021
The corporate regulator has released the internal dispute resolution (IDR) reporting documents including a data dictionary and glossary. Financial firms across the industry will be the first to test the documents in a pilot later this year in what marks ...

Long way for super complaints overhaul

KANIKA SOOD  |  THURSDAY, 20 MAY 2021
... systems but a new ASIC survey shows many are still overshooting the 45-day deadline for resolving member complaints. The new IDR rules were set out in RG 271 introduced last July. Under it, efficient complaints handling became an obligation under the ...

Not safe to launch: APRA

HARRISON WORLEY  |  WEDNESDAY, 8 APR 2020
... the 2020 half year results process. APRA's warnings come as ratings agency Fitch downgrades the Issuer Default Ratings (IDR) ratings of Australia's big four banks and their New Zealand subsidiaries from AA- to A+. Fitch said the new ratings reflect ...

Wealth manager appoints new head of advice

HARRISON WORLEY  |  FRIDAY, 27 MAR 2020
... firm's operating subsidiary ClearView Life Assurance are stable, with the life assurance arm also receiving a BBB long-term IDR, in addition to an insurer financial strength rating of BBB+. Just days prior, it awarded a $1 billion platform mandate ...
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