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Showing 11 - 20 of 67 results for "Internal Dispute Resolution"

AFCA highlights 'pattern of delays' in super

ELIZA BAVIN  |  TUESDAY, 29 APR 2025
... unnamed fund, AFCA said it observed a "pattern of delays" in the fund's responses which affected its Internal Dispute Resolution (IDR) referral period and working through AFCA's case management stages. "The issue was linked to the financial firm's business ...

ASIC asks for input on reportable situations, IDR dashboards

JAMIE WILLIAMSON  |  THURSDAY, 10 APR 2025
... plans to introduce two interactive dashboards that would track firm-level reportable situations and internal dispute resolution (IDR) data to push financial firms to lift their game. ASIC is consulting on plans to publish dashboards containing firm-level ...

ASIC sues Binance over customer protection failures

ELIZA BAVIN  |  THURSDAY, 19 DEC 2024
... Product Disclosure Statement to retail clients, make a target market determination, have a compliant internal dispute resolution system, do all things necessary to ensure that its financial services were provided efficiently, honestly, and fairly, comply ...

Half of advice, super complaints result in no remedy

ELIZA BAVIN  |  WEDNESDAY, 4 DEC 2024
ASIC has released its first publication of industry-wide data reported under the internal dispute resolution (IDR) data reporting framework, flagging concerns firms are not reporting data accurately. Under the IDR framework, most licensed financial ...

Licensees pay $92m in compensation

ELIZA BAVIN  |  FRIDAY, 1 NOV 2024
... unit reports (48%), followed by the internal compliance function (16%) and customer complaints via internal dispute resolution (15%). In addition, there was an increase in the time taken for licensees to identify and commence an investigation into a ...

AFCA consults on revised superannuation death benefits

MATTHEW WAI  |  TUESDAY, 8 OCT 2024
... closes on October 25. Additionally, AFCA has previously called out the incompetency of super funds' internal dispute resolution process. An example of which involved a fund failing to handle complaints and delayed death benefits and insurance cla ...

AFSLs undertake more reviews, lack risk documentation

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
... complaints to be made in writing, despite the fact that this is inconsistent with ASIC guidance in RG271 [ Internal dispute resolution]." The survey also found that responsible managers are taking more action when there review results in a poor outcome ...

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 to tighten grip on super fund misdemeanours

ANDREW MCKEAN  |  FRIDAY, 2 FEB 2024
... standards. Notably, ASIC has initiated civil penalty proceedings against TelstraSuper for not meeting internal dispute resolution standards, alleging the corporate fund failed to adequately respond to two in five complaints in a relevant time period. ...