Who must be a member of an ASIC-approved dispute resolution scheme?
Regulatory Guide 165 explains who must have a dispute resolution system and the key features of such a system.
One key feature is that financial service licensees have in-house processes to handle complaints received about their products and services, and even how they handle complaints.
Another key feature is that financial service licensees be a member of an external dispute resolution scheme approved by ASIC for complaints that cannot generally be resolved in-house.
How we approve external dispute resolution schemes
Regulatory Guide 139 tells you how we approve and oversee external dispute resolution schemes (EDRS) operating in the financial system. It explains:
the guidelines we use when we approve schemes, and
how to get your scheme approved.
Notifiying ASIC of changes to membership of an external dispute resolution scheme
You must inform ASIC in writing within 3 business days when your membership of an EDRS ceases.
This includes circumstances where:
the EDRS is no longer operating
you fail to renew your membership of the EDRS, or
the EDRS has terminated your membership of the EDRS.
You must also advise ASIC of the details of the new EDRS(s) you intend to or have joined (including the date the membership commences and the name of the EDRS) and provide confirmation of coverage for complaints made by retail clients in relation to the provision of all of the financial services authorised by your licence.
The Superannuation Complaints Tribunal (SCT)is an independent tribunal set up by the Commonwealth Government to deal with complaints about superannuation funds, annuities and deferred annuities, and retirement savings accounts.If all of the financial services you provide are covered by the SCT, you do not have to join an approved external dispute resolution scheme.
Phone: 1300 884 114 or (03) 8635 5580