Regulation Impact Statement – Australian Securities and Investments Commission
On 30 July 2020, the Australian Securities and Investments Commission (ASIC) issued Regulatory Guide 271 Internal dispute resolution which, upon its commencement on 5 October 2021, will replace Regulatory Guide 165 Licensing: Internal and external dispute resolution for financial firms. Among other changes, Regulatory Guide 271 reduces the mandatory maximum timeframes for the resolution of customer complaints through internal dispute resolution (IDR) processes.