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Showing 21 - 30 of 66 results for "Internal Dispute Resolution"

Licensees flout breach reporting regime: ASIC

KARREN VERGARA  |  WEDNESDAY, 1 NOV 2023
... or business unit reports (56%), followed by internal compliance (15%), and customer complaints or internal dispute resolution (12%). "Since its commencement, ASIC has been working with stakeholders to improve the operation of the reportable situations ...

ASIC revises IDR reporting framework

JAMIE WILLIAMSON  |  MONDAY, 8 MAY 2023
ASIC has further staged the implementation timeframe for internal dispute resolution data reporting. In total, 8600 financial firms will report their customer complaints data for the first time under the framework. The first group to do so comprised ...

Regulators sound alarm on cybersecurity, fraud in super

ANDREW MCKEAN  |  FRIDAY, 24 FEB 2023
... not quickly we're paying out death benefits, and rollovers in this industry." During a review of internal dispute resolution data, ASIC found 20% of funds are not meeting their statutory obligations, this needs improvement, Press said. Additionally ...

Trustees must improve IDR processes: ASIC

JAMIE WILLIAMSON  |  FRIDAY, 9 DEC 2022
... requirements related to systemic issues needs attention, while some board reports lacked sufficient detail on internal dispute resolution (IDR) metrics to communicate fund performance. Further, ASIC said some trustees need to work on ensuring their IDR ...

OnePath Life sued over utmost good faith duties breach

JAMIE WILLIAMSON  |  THURSDAY, 8 DEC 2022
... adviser; and failed to inform the customer of their right to appeal the decision through OnePath Life's internal dispute resolution process or through the Australian Financial Complaints Authority. "If an insurer is concerned a customer has engaged in ...

ASIC updates remediation rules

CHLOE WALKER  |  TUESDAY, 27 SEP 2022
... or paid. It also helps licensees understand how remediation interacts with other obligations, like internal dispute resolution. "Our guidance puts the onus on industry to get on with fair and timely remediations - returning the money they owe to wronged ...

Focus on providing 'good advice': QAR draft proposals

JAMIE WILLIAMSON, CASSANDRA BALDINI  |  MONDAY, 29 AUG 2022
... to their clients on their website about their remuneration and other benefits they receive, their internal dispute resolution procedures and AFCA, the paper adds. Levy said she remains unpersuaded SOAs provide any real protection to consumers. "In my ...

ASIC highlights strategic priorities

CASSANDRA BALDINI  |  TUESDAY, 23 AUG 2022
... action against misleading conduct relating to fund performance. It will continue the surveillance of internal dispute resolution practices by analysing data and reviewing complaint responses, to assess trustees' compliance with new enforceable standards. ...

ASIC flags 'significant' IDR compliance issues at super funds

JAMIE WILLIAMSON  |  WEDNESDAY, 10 AUG 2022
... record and respond to member complaints. ASIC is currently undertaking surveillance of super funds' internal dispute resolution processes, examining compliance with Regulatory Guide 271 Internal dispute resolution (RG 271) which took effect last ...

AFCA adopts user pays funding model

CASSANDRA BALDINI  |  TUESDAY, 31 MAY 2022
... resolution behaviours were occurring under the new model. "Our user-pays approach incentivises firms to use internal dispute resolution to decrease complaints to AFCA," he said. "At AFCA, we believe our role isn't just to resolve complaints escalated ...