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13-181MR ASIC releases new information sheets on dispute resolution and misconduct

Thursday 18 July 2013


ASIC has today released further information about its approach to commonly reported matters. Today’s release is about disputes with financial services and credit providers, unpaid debts, external dispute resolution and misconduct within companies under external administration.

Deputy Chairman Peter Kell said, ‘ASIC takes transparency and provision of information very seriously. The release of these four information sheets clearly explains how we approach these particular matters as part of our overall approach to regulation.’

The four newly released information sheets cover:

‘Information Sheets 174 and 176 outline the important processes of internal and internal dispute resolution. These processes exist to resolve disputes between the public and financial services or credit providers and are a vital resource for resolving disputes.

‘In addition, Information Sheets 173 and 175 focus on common issues raised with ASIC about the unpaid debts of small proprietary companies, and directors’ duties in companies under external administration,’ Mr Kell said.

The Deputy Chairman also noted that in relation to the reports of alleged misconduct, while ASIC closely assesses all of the information we receive, not all reports will prompt further action. On occasion there are other more appropriate avenues the public should pursue such as an Ombudsman scheme.

ASIC weighs every report against four criteria:

It is important that ASIC make the public aware of the alternative actions available to them in particular circumstances.

These Information Sheets and those previously published provide that guidance.


Background


In October 2012, ASIC published five key pieces of information about its approach to handling complaints, tip-off and reports of misconduct (see 12-245MR). This marked the beginning of a campaign of transparency that aims to communicate what ASIC does with reports of alleged misconduct it receives from the public, what kind of outcomes reporters can expect, and what other more suitable avenues or remedies they might access.

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