ASIC is seeking feedback on its proposal to remake a legislative instrument which specifies the internal dispute resolution (IDR) information that financial firms must report to ASIC.

ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 is scheduled to expire on 1 April 2027.

We propose to remake the instrument for a period of five years. The only substantive change proposed is to allow small banks (i.e. those on the lowest tier of APRA’s banking prudential framework) to report their IDR data annually rather than every six months. This formalises a commitment made in the Council of Financial Regulators’ (CFR) review into small and medium-sized banks published in 2025.

In addition to general feedback, we invite feedback specifically on whether the reduction in reporting frequency proposed for small banks should be extended to all reporting firms.

Providing feedback

Feedback should be sent to rri.consultation@asic.gov.au by 5pm AEDT on 13 November 2026.

Refer to CS 65 Proposed remake of IDR data reporting instrument for further details.

Background

ASIC Instrument 2022/205 specifies the information that financial services licensees must give ASIC relating to their IDR procedures and the operation of those procedures. The instrument requires IDR information to be reported to ASIC every six months in the manner and format specified in the IDR data reporting handbook. The law also requires certain other types of firms, including credit licensees, to report to ASIC as if they were financial services licensees.

The reduction in IDR reporting frequency for small banks was a commitment made in the Council of Financial Regulators’ Final Report of the Review into Small and Medium-sized Banks. In September 2025, ASIC published a no-action position under which eligible small banks could immediately move to annual reporting, pending formal implementation through the remade instrument.

ASIC is Australia’s corporate, markets and financial services regulator.